Techcombank reports profit before tax of $1.09b in 2022

Net interest income grew 13.5% during the year.

The Vietnam Technological and Commercial Joint Stock Bank or Techcombank has reported a profit before tax of US$1.09b (VND25.6t) for 2022, 10% higher than in 2021, according to a press announcement.

“The bank showed resilience against adverse factors impacting its key lines of business, including a 200 basis points (bp) interest rate hike in the fourth quarter, local currency depreciation and investigations into the bond and real estate markets,” said Jens Lottner, CEO, Techcombank.

“While we expect this volatility to continue for a couple of quarters, we remain confident in our growth momentum and the distinctive strength of our assets and liquidity position,” Lottner added.

Net interest income grew 13.5% to $1.29b (VND 30.3t), driven by growth in the bank’s credit book. Net interest margin moderated to 5.1%. The lower NIM was due to higher cost of funds, which rose 64 bps YoY to 2.9%, Techcombank reported.

ALSO READ: Techcombank teams up with Adobe to deliver personalized banking solutions

“The main factors contributing to this trend were the rise of global interest rates and the tighter liquidity in Vietnam’s banking system, which led to higher term deposit rates, increased funding costs on professional markets and an erosion of CASA balances in the Bank’s deposit base,” the bank said in its financial statement announcement.

Customer deposits totalled approximately $15.2b (VND358.4t), up 13.9% from a year ago, of which term deposits (TD) were VND225.9t (up 44.9% YoY) and CASA were VND132.5t (a 16.6% decline).

Techcombank ended the last quarter of 2022 with 10.8 million customers, growing its customer base by over 373,000 in Q4 alone. Approximately 1.2 million new customers joined the bank throughout 2022.

At the same time, the number of retail customer transactions through its e-banking channels grew to 238.7 million in Q4, up 21.7% YoY. However, total transaction value via e-banking channels decreased 9.5%.

(US$1 = VND23,450.01)

Follow the link for more news on

Techcombank

Also Read

AusPayNet welcomes Aussie gov’t retirement of cheques by 2029

Japan Post Bank posts $1.44b net income for H1 FY2025/3

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!

I want to download the media kit