Techcombank takes the lead in CASA rate, posting US$750 million pre-tax profit
Techcombank takes the lead in CASA rate, posting US$750 million pre-tax profit
The Viet Nam Technological and Commercial Joint Stock Bank (Techcombank) announced on Wednesday that it had recorded pre-tax profit of VND7.1 trillion (US$753.5 million) in the first nine months of 2021, up 59.6 per cent year-on-year.
According to this announcement, the Current Account Saving Account (CASA) balance at Techcombank increased by 59.1 per cent in the past 12 months and reached VND155 trillion, in which CASA of individual and corporate customers rose by 27 per cent and 114.8 per cent over the same period last year, respectively. The CASA ratio reached 49 per cent at the end of the third quarter of 2021, up from 46.1 per cent against the previous quarter – the highest of the sector so far.
The bank's capital adequacy ratio (CAR) according to Basel II reached 15.2 per cent, higher than the minimum requirement of 8.0 per cent. The bad debt ratio reached 0.6 per cent, while the debt service coverage ratio (DSCR) was 184 per cent, higher than the 259 per cent at the end of the second quarter.
During January-September, Techcombank attracted about 870,000 new customers, bringing the total number of customers to 9.2 million. The volume and value of transactions via electronic channels of individual customers in the period reached 456 million transactions (up 78.1 per cent year-on-year) and VND6.3 quadrillion (up 91 per cent), respectively.
In the nine month period, Techcombank attracted about 870,000 new customers, bringing the total number of customers to 9.2 million. The volume and value of transactions via electronic channels of individual customers in the period reached 456 million (up 78.1 per cent over the same period last year) and VND6.3 quadrillion, posting 91 per cent year-on-year increase.
The bank’s financial results have further demonstrated the stability of its "customer-centric" strategy as well as demonstrated the ability to execute strategies and operations during the COVID-19 pandemic. Although the income in the third quarter of the year was affected by slowing economic activities and strict social distancing measures, net interest income continued to grow well thanks to its ability to meet credit demand and the advantage of low capital costs. At the same time, Techcombank persisted in overcoming challenges, continuing to promote investment in digital technology, data and talent to create rapid post-COVID growth momentum.
