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.

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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,”