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TECHCOMBANK IS THE ONLY BANK IN VIETNAM’S TOP 3: MOST PROFITABLE PRIVATE ENTERPRISES OF 2019

Vietnam Technological and Commercial Joint-stock Bank (Techcombank) is the only bank that made it to Vietnam’s Top 3 after VinGroup and Vinamilk in terms of profitability, as recently announced by Vietnam Report of Profit500. 

Techcombank is also the only new enterprise in Vietnam’s Top 9 in 2019 (including state-owned and FDI companies), together with big names like PVN, Samsung, Viettel, Honda, VinGroup, and Vinamilk… According to Vietnam Report, this prestigious list and rankings, released late September 2019, is based on objective and independent evaluation and weighted scoring, with evaluation criteria of profitability (ROA, ROE, ROR), Profit before tax, and Revenue. Profit500 aims to honor profitable companies that can become important drivers for Vietnam’s economic growth, and to introduce Vietnam’s brands to local and international business community.

VnReport List has recognized Techcombank as top bank in terms of operational efficiency with 15 consecutive quarters of continuous growth. In the first half of 2019, the Bank has hit 5.7 trillion dongs in profit before tax and 9.1 trillion in TOI – a record high in terms of semi-annual performance of Techcombank and ranking second in the banking sector. NPL ratio as at end of second quarter was as low as 1.8%, reflecting the Bank’s conservative approach to risk management and strategic approach to sustainable growth. Of particular note is the Bank’s healthy CAR ratio of 15.6% at the end of quarter 2, nearly double the regulatory requirement of 8% according to Basel II principles.

As Techcombank’s CEO Nguyễn Lê Quốc Anh put it: “Techcombank prides itself in its operational efficiency. At the moment, we rank 7 in terms of total assets, 6 in TOI, but 2 in PBT, and 1 in returns on assets (ROA) in the banking sector. That means we hit our efficiency target 2 years earlier than set out in our 2016 – 2020 transformation plan. In terms of efficiency, the Bank is second to none in the local market, and is on par with regional peers. This is crucial to creating total value for Techcombank”.

Techcombank is proud to bring great experience and unprecedented values to our customers. After a launch of various customer-support programs, the number of retail transactions at Techcombank has shot up 20 times over the last 3 years, implying a fundamental shift in the way people use and spend money. It’s the success of Techcombank’s E-Banking zero fee program that induced other banks to follow suite, creating a wave of banking cost reduction for both individual and corporate clients.

2019 marks the beginning of Techcombank’s second wave of transformation. The Bank is building strongly on its achievements by digitizing all banking services. All customer-facing and back-end activities will be digitalized and automated to ensure a greater, faster, smoother, more convenient customer experience, and this is perfectly in line with the government’s direction.

 

Techcombank’s impressive debut (9’s rank) in this year’s Top Ten
 
About Techcombank

Incorporated in 1993, Techcombank is now one of the biggest joint-stock banks in Vietnam and also one of the leading banks in Asia. Techcombank offers a full suite of personal financial services to more than 6 million individual customers, SMEs and large corporate customers in Vietnam via its 313 branches across the country as well as via internet banking and mobile banking. The Bank’s differentiating factor lies in its ecosystem business approach, applied for 6 focus economic sectors: housing, automobile, travel and entertainment, financial services, FMCG, utilities and telecommunication. This is the choice we make against the backdrop of Vietnam’s fast-growing economy.

Techcombank has the highest credit rating among Vietnam’s banks, with Ba31 by Moody’s and BB-2 by S&P. The Bank is also prized The Best Bank of Vietnam by Euromoney in 2018. Techcombank’s shares are listed on Hochiminh Stock Exchange (HOSE) with ticker symbol of TCB.
 
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Tel:  +84 24 3944 6368 - Extension 2322
Email: cuongpv3@techcombank.com.vn