Techcombank extends revenue growth streak to 18 quarters

May 7th at 13:46

07-05-2020 13:46:51+07:00

Techcombank's Q1 revenue rose 37.3 percent year-on-year, marking 18 consecutive quarters of growth, despite the adverse impacts of the coronavirus pandemic.

The bank said in a statement that its total operating income reached VND6.03 trillion ($263 million) in the first quarter, up 37.3 percent against the same period last year.

The bank acquired over 250,000 new customers in Q1, taking the total to nearly 8 million. E-banking was used by 79.9 percent of its active customers, up 60.4 percent year-on-year.

Transaction volume and value through Techcombank’s e-banking channels increased to 78 million and VND1,136 trillion ($49.48 billion), up 149 percent and 113 percent year-over-year, respectively.

Despite the pandemic, all Techcombank's branches and ATMs have functioned normally, and the bank has implemented safety measures to protect customers and employees. It also announced a comprehensive support package for qualified individuals and corporate customers affected by the Covid-19 outbreak.

The bank's return on assets (ROA) continued to be at healthy rate of 3 percent. Its capital adequacy ratio (CAR) under Basel II standards was 16.6 percent, more than twice the minimum requirement.

Provision expenses increased from VND167 billion ($7.27 million) for the quarter ended March 31, 2019 to VND772 billion ($33.62 million) in Q1.