Techcombank reports double-digit growth in Jan-Sept profit

Techcombank, one of Vietnam’s leading private lenders, recorded an after-tax profit of VND16,864 billion ($679 million) in the first nine months of the year, up 23% year-on-year.

The bank's operating revenue reached VND31,475 billion ($1.27 billion) in the period, up 17%, according to its consolidated financial statement. Operating revenues are those generated from primary business activities.

In the third quarter, the bank reported an operating revenue and after-tax profit of VND10,338 billion ($416 million) and VND5,367 billion ($216 million), up 17.7% and 21%, respectively.

Most of Techcombank's main activities in the third quarter saw good growth, with interest income of VND11,251 billion ($453 million) as major contributor, up 23% year-on-year.

Net profit from service activities reached VND2,123 billion ($85.45 million), up 42% over the same period last year. Securities trading brought a profit of VND17 billion ($680,000), while the same period loss was VND15 billion.

Net profit from other activities rose sharply, reaching VND441 billion ($17.75 million), 2.8 times year-on-year.

Some activities that recorded a decrease in profit in Q3 were foreign exchange trading, down 70% to VND27 billion ($1.09 million), and securities trading, down 49% to VND156 billion ($6.25 million).

By September 30, 2022, Techcombank's total assets reached VND671,353 billion ($27.02 billion), up 18% compared to the beginning of the year. In which, total outstanding loans to customers hit VND410,545 billion ($16.52 billion), up 18%.

Its other assets increased sharply to VND71,795 billion ($2.89 billion), 2.06 times higher than the beginning of the year, of which receivables amounted to VND62,295 billion, 2.2 times higher.

Techcombank recently acquired a $1 billion trade loan facility from 26 foreign banks, marking the largest mid- to long-term syndicated term loan facility ever raised by a commercial bank in Vietnam.

It has become the first private bank in Vietnam with equity exceeding VND100 trillion ($4.02 billion). Its Q2 financial report mentions equity at VND104.47 trillion ($4.2 billion) as of June 30, up 12.29% from the end of 2021.

On the Ho Chi Minh City Stock Exchange, the TCB shares price hit VND22,900 ($0.92) a piece at the closing session on Friday.