Major private lender Techcombank reports 33.5% growth in nine-month profit
Hanoi-headquartered Techcombank’s pre-tax profit reached VND22.8 trillion ($901 million) in the first nine months of the year, up 33.5% year-on-year.
In the nine-month period, the bank continued to lead in the ratio of current account savings account (CASA), at 40.5%, thanks to a record CASA balance of VND200 trillion ($7.88 billion).
Its capital adequacy ratio (CAR) under Basel II standards increased to 15.1%, and the return on assets (ROA) maintained the top position in the Vietnamese banking sector at 2.6%.
The bank recently had its credit rating upgraded to AA- with a "stable" outlook by FiinRatings, a leading credit rating agency in Vietnam, based on positive results in capital mobilization and liquidity.

A customer makes transactions at Techcombank. Photo courtesy of the bank.
Positive business results
Techcombank's nine-month business performance was positively impacted by growth in interest income and cost management.
The bank's net interest income (NII) reached VND26.9 trillion ($1.06 billion), up 33.9% year-on-year. Its net interest margin (NIM) remained stable at 4.3%, unchanged from the previous quarter and up from 4.1% in the same period last year.
Notably, the non-fund income (NFI) rose by 17.1% to VND8.3 trillion ($327 million), with significant growth in investment banking fees which hit VND2.54 trillion, a year-on-year increase of 110.6%.
Other fee-based activities also saw considerable increases, such as insurance service fees totaling VND594.1 billion ($23.4 million), up 29.8%.
At the end of September, Techcombank's total assets hit VND927.1 trillion ($36.53 billion), a rise of 9.1% year-to-date and 18.7% year-on-year.
Its credit grew by 17.4% year-to-date to VND622.1 trillion ($24.5 million). Personal lending was the main driver of credit growth in Q3, with outstanding loans to individuals expanding 6% from the previous quarter, double the growth rate of corporate loans (including loans and corporate bonds).
Individual lending growth was driven by housing loans, which rose by 6.6% from the previous quarter and 13.2% year-to-date, reaching a record high of VND193.6 trillion ($7.63 billion).
Notably, the balance of early repayments for housing loans dropped to its lowest level in a year, while disbursements during the quarter continued at a high level, exceeding VND28 trillion ($1.1 billion).
Corporate credit recorded a growth of 2.9% compared to the previous quarter and 16.3% from the year-beginning, hitting VND395.1 trillion ($15.57 billion).
Techcombank also reported strong growth in customer deposits. Its “automatic profit generation” feature, launched in January 2024, has attracted significant interest and provided good returns for customers. Thanks to it, customer deposits reached VND495 trillion ($19.5 billion), up 8.9% year-to-date and 21% year-on-year.
Operating expenses saw a slight increase of 10.2%, totaling VND10.6 trillion ($417.5 million). In Q3, these expenses decreased 5.5% compared to the previous quarter and 13.1% year-on-year to VND3.4 trillion.
As a result, the cost-to-income ratio (CIR) for the first nine months remained stable at 28.4%. Provisioning costs amounted to VND3.96 trillion, up 73.4% year-on-year.
Techcombank's non-performing loan coverage ratio improved to 103.4% by the end of September, from 101.0% at the end of June.
Leading in capital safety and digital banking
Techcombank's capital position remained strong, with a loan-to-deposit ratio (LDR) of 82.2% as of September 30, below the State Bank of Vietnam's (SBV) cap of 85%.
The short-term funding ratio for medium and long-term loans was steady at 24.2% compared to the previous quarter.
The capital adequacy ratio (CAR) under Basel II rose to 15.1% as of September 30, well above the minimum requirement of 8% and aligned with the target range of 14-15%. The non-performing loan (NPL) ratio in Q3 slightly increased to 1.35%, from 1.28% at the end of the previous quarter.
Techcombank ended the nine months with over 14.8 million customers, including nearly 500,000 new ones in Q3. Of these, 57.4% of individual customers used its services through digital platforms, while 42.1% came from branches, driven by the merchant expansion program.
Remaining one of the best digital banks in Vietnam, Techcombank recorded 850.5 million transactions by individual customers through e-banking channels in Q3, up 8.9% from the previous quarter and 47.2% year-on-year.
The total transaction value through e-banking in the quarter reached VND2,700 trillion ($106.34 billion), up 10.7% compared to the same period last year.
Over the first nine months, the volume and value of transactions by individual customers through digital channels amounted to 2.3 billion and VND8,200 trillion ($323.15 billion), reflecting year-on-year growth of 53.5% and 20.3%, respectively.
According to CEO Jens Lottner, Techcombank continued to achieve outstanding growth, becoming one of the top-performing banks in the market in Q3.
Q3 also marked its new strides, particularly in the insurance sector, with an agreement to terminate its exclusive partnership with insurer Manulife and the establishment of Techcom Non-life Insurance JSC (TCGIns).
These are important steps in Techcombank's strategy to expand its ecosystem, serving more customers with comprehensive financial and insurance products, he noted.
Techcombank is listed on the Ho Chi Minh Stock Exchange as TCB, which closed Monday at VND24,150 ($0.95) per share.
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