Techcombank will raise its charter capital by VND5 trillion (US$220 million) to nearly VND14 trillion in 2017. — Photo vaynhanh24h.com

The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) will raise its charter capital by VND5 trillion (US$220 million) to nearly VND14 trillion ($616 million) this year through the sale of shares.

The decision was made at the shareholders’ annual meeting on Saturday.

Ho Hung Anh, chairman of Techcombank’s board of directors, said charter capital needed to be increased to help the bank improve its financial strength, size and competitiveness.

In 2017, Techcombank has targeted achieving consolidated pre-tax profit of VND5.02 trillion and total asset value of VND279.017 trillion, up 26 per cent and 19 per cent from a year earlier, respectively.

It also expects 31 per cent growth in mobilised capital to VND227.133 trillion and another 16 per cent increase in outstanding loans to VND181.067 trillion by the end of this year.

The bank also hopes to keep the rate of bad debts at less than 2 per cent.

In 2016, it posted pre-tax profit of VND3.997 trillion, soaring by 96.2 per cent from the previous year and 13 per cent from its target. — VNS