Techcombank sees 2020 pre-tax profit to slightly increase to over $559mln

The Vietnamese lender decided to keep profit target almost the same 2019 due to the impacts from COVID-19 pandemic.

Despite low profit target, Techcombank set total assets to increase 12 percent in 2020 to VND431.4 trillion ($18.6 billion).

Deposits and lending were projected to grow 13 percent from 2019 to VND268.8 trillion ($11.6 billion) VND291.5 trillion ($12.5 billion) respectively. Bad debt ratio was targeted at below 3 percent on total outstanding loan.

Techcombank led the banking sector in terms of profitability and operational efficiency with return of asset of 2.9 percent and was among the top 2 most profitable banks in 2019.

The bank got shareholders’ approval to increase in charter capital to VND35 trillion ($1.5 billion) by issuing 4.7 million ESOP shares for outstanding employees.

The COVID-19 pandemic did not have significant impacts on the bank since it does not have several customers operating on the severely affected sectors like aviation, textile and tourism, said Techcombank chairman Ho Hung Anh.