, Vietnam

Techcombank reports 22.3% surge in before tax profits in H1

Total operating income reached $900m for the first half of the year.

The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) reported a Profit Before Tax (PBT) of $602m (VND14.1t) in the first half of 2022, a surge of 22.3% compared to the same time last year.

Net interest income (NII) increased by 25.1% YoY to $679m driven by growth in the bank's credit book with the net interest margin in the last 12 months stable at 5.6%. In Q2 2022, Techcombank saw asset yields decrease by 17.0 basis points quarter-on-quarter (QoQ) and cost of funds increase by 12.0 BPS QoQ.

READ MORE: Suncorp sells banking business to ANZ for $3.33b

Because of strong NII and net fee income, the bank’s total operating profit went up 16.6% YoY to $901.3m

More customers added

In Q2 2022, Techcombank saw its customer base grow to 10.1 million, adding around 200 thousand in the last quarter. Meanwhile, the number of retail customer transactions through e-banking channels grew to 206.1 million during Q2, up 28.8% YoY. Online banking transaction value grew 14.0% YoY to $119b.

“During 2Q22, we advanced several digital initiatives to bring simple and intuitive “Banking at your fingertips” solutions to our customers. We launched a new mobile app for business customers and migrated over 70% of our active retail customers to our new retail banking app. Our commitment to delivering outstanding customer experiences won us “Best Bank in Vietnam” for the second year in a row by Euromoney. We will now build on this success by continuing to upgrade our technology and infrastructure and offering new and unique digital experiences,” 

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Event News

Event News

BDO Capital Named as PH’s Corporate and Investment Bank of the Year for 5 Consecutive Years Co-Written / Partner
BDO Capital & Investment Corporation (BDO Capital) has been recognized as the country’s Corporate and Investment Bank of the year for the 5th straight year at the Asian Banking & Finance Awards. BDO Capital’s remarkable achievement is a testament to its consistent excellence in delivering best-in-class investment banking services across various product lines in the Philippine capital markets.