Techcombank’s pre-tax profits up 38.6% in H1

The bank added nearly 1 million new customers in Q2.

Vietnam’s Techcombank saw its pre-tax profit rise 38.6% to VND15.6t for the first half of 2024.

Total operating income rose 37.9% to VND25.7t during the same period, Vietnam’s largest private bank by assets said in a press release.

The growth was thanks to Techcombank recording growth in profit and income during the second quarter period.

“In 2Q24 Techcombank’s momentum continued as we delivered another quarter of robust broad-based financial performance with both TOI and PBT YoY growth exceeding 30% for the second quarter in succession,” Jens Lottner, CEO of Techcombank, said in a press release.

Non-performing loans stayed below 1.3% in Q2, according to Lottner. 

The bank is paying a cash dividend of VND1,500 per share for Q2. 

Fees, interest rise in H1
For the H1 period, net interest income (NII) rose 49.2% to VND18t compared to the same period in 2023.

Net fee income rose by 32% to VND5.8t. Notably, investment banking fees nearly tripled year-on-year, rising 199% to VND1.78t during the period. Card fees inched up 2.7% to VND1.02t over the same period.

Net income from other activities reached VND1.42t during the same period, a 33.8% increase from a year earlier. Techcombank attributed this to robust gains from bond trading.

Operating expenses rose 19.7% to VND7.2t.

Nearly 1 million new customers
For the Q2 period, Techcombank shared that it now has approximately 14.4 million customers, nearly 1 million new customers gained in just 3 months. Of these, 55% of retail customers were acquired digitally, and 44% were through branches.

The number of retail customer transactions through Techcombank’s e-banking channels was 780.8 million in Q2, 56.3% higher compared to Q2 2023.

There was a total of 1.5 billion transitions for the first six months of H1, with the total e-transaction value rising 25.5% to VND5.5 quadrillion.