Techcombank logs 25.58% higher net profit in Q3

Net interest income rose, but fee and commission income were lower.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) reported a net profit attributable to shareholders of $225.74b (VND5.74t) in Q3 2024, 25.58% higher compared to Q3 2023, its latest financial results showed.

Net profit for the first nine months of 2024 was $713.79b (VND18.15t), 33.81% higher than the same period in 2023, when it logged $533.28b (VND13.56t) in profits.

For Q3, net interest and similar income was $350.8b (VND8.92t), 22.78% higher than a year ago. However, net fees and commission income was 13.69% lower, at $76.69b (VND1.95t).

For 9M 2024, net fee and commission income was still 5.79% higher at $258.77b (VND6.58t) compared to the same period in 2023.

Net interest and similar income was $1.05t (VND26.91t) for the 9M period, 33.9% higher than in 9M 2023.

Operating expenses are 10.2% YoY higher at VND10.6t. In Q3, opex was 5.5% YoY lower and 13.1% QoQ lower, at VND3.4t. Cost-to-income ratio was flat at 28.4%.

Provision expenses were VND3.96t, 73.4% higher than in 9M 2023. Loan loss coverage ratio stood at 103.4% as of September 2024.

As of end-September, Techcombank’s total assets are VND927.1t, up 9.1% year-to-date and 18.7% higher than in end-September 2023.