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Techcombank’s bad debt falls sharply to 0.6% despite pandemic

Xuan Thinh Tuesday | 10/27/2020 12:52

The logo of Techcombank is displayed in front of a building in Hanoi. Photo by Shutterstock/TK Kurikawa.

Vietnamese biggest private lender Techcombank said its bad debt fell sharply by 55 percent to 0.6 percent from 1.33 percent, bank said in a recent earning statement.

Non-performance loans have shrunk to VND1,384 billion, equivalent to 0.6 percent of outstanding loans.

In term of profit, the lender’s Jan.-Sept. After-tax profit grew 20.6 percent to VND8,860 billion, completing 82 percent of whole-year goal.  

The main source of the income was net interest, which recorded an increase of 28.4 percent, bringing in more than VND13,300 billion.

Activities such as investment securities, trading and other business activities all recorded positive results when net profit increased sharply.

Revenues surged nearly 34 percent to VND19.3 trillion, with double-digit growth in income from net interest and services while expenses increased by 27.1 percent, leading to a nearly 37 percent increase in net profit, the bank said.

As of September 30, total bank assets reached VND401,462 billion, an increase of 4.6 percent compared to the end of last year.

Customer loan balance reached VND230,716 billion, a slight decrease of 0.04 percent, while customer deposits reached VND252,572 billion, up 9.2 percent.

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