Thursday, 10 October 2024
- Published on 23 July 2024
- 662 Views
Techcombank reports 38.6% YoY growth in pre-tax profit in 1H 2024
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) reported a pre-tax profit (PBT) of VND 15.6 trillion ($615.7 million), up 38.6% year-on-year (YoY) for the first half of 2024.
The total operating income (TOI) was VND 25.7 trillion ($1.01 billion), an increase of 37.9% YoY, for the first half of the year ending 30 June 2024.
The bank's current account and savings account (CASA) ratio was 37.4%, down from 40.5% in the first quarter of 2024, but up from 34.9% a year earlier, with the CASA balance remaining high at over VND 180 trillion ($7.1 billion).
Jens Lottner, CEO of Techcombank, said: “In 2Q24 (second quarter of 2024) Techcombank’s momentum continued as we delivered another quarter of robust broad-based financial performance, with both TOI and PTP YoY growth exceeding 30% for the second quarter in succession. Non-performing loans stayed below 1.3%, while our CAR improved to 14.5%. The bank’s sustained financial performance and growth trajectory enabled us to pay a cash dividend of VND1,500 ($0.059) per share in the quarter."
He added: "Our first Techcombank keynote event was a success and showcased how we are leveraging our digital platforms, data and AI capabilities to create meaningful experiences for customers and deliver faster, more profitable growth for Techcombank."
The bank maintained industry-leading metrics with a capital adequacy ratio (CAR) of 14.5% under Basel II and a return on assets (ROA) of 2.6% over the last 12 months.
Re-disseminated by The Asian Banker
