Transactions at Techcombank. The bank continued to lead its peers with a healthy 3 per cent return on assets (ROA) for the last twelve months. — Photo courtesy of Techcombank

Viet Nam Technological and Commercial Joint Stock Bank (Techcombank) recorded after-tax profit reached VND2.5 trillion (US$106.5 million) in the first quarter of this year, posting a 19.8 per cent year-on-year increase.

The bank continued to lead its peers with a healthy 3 per cent return on assets (ROA) for the last twelve months ended March 31, 2020. Capital position is strong with the capital adequacy ratio at 16.6 per cent, more than twice the minimum requirement of Basel II, an international business standard that requires financial institutions to maintain enough cash reserves to cover risks incurred by operations.

Provision expenses prudently in the first quarter increased to VND772 billion from VND167 billion for the quarter ended March 31, 2019, as the bank chose to proactively write off selected non-performing loans.

Techcombank’s total assets were VND391.8 trillion, an increase of 20.1 per cent compared to the same period last year and up 2.1 per cent versus the end of 2019.

In the first quarter of this year, Techcombank added over 250,000 net new customers to bring the total customers served by the bank to nearly eight millions.

Customers using e-banking services reached 79.9 per cent, an increase from 60.4 per cent year-on-year. Transaction volume and value during the quarter through Techcombank’s e-banking channels increased to 78 millions and VND1.136 quadrillion, up 149 per cent and 113 per cent year-on-year, respectively. — VNS