Techcombank's profits fall sharply
Techcombank's pre-tax profits fell by 158 per cent year-on-year to about VND397 billion (US$18.9 million) in the first quarter after the bank spent up to VND317 billion ($15 million) to establish a risk provisional fund.
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| A Techcombank transaction point. The bank's lending grew only 0.3 per cent in the first quarter of this year. ― Photo nganhangonline.com |
HA NOI ― Techcombank's pre-tax profits fell by 158 per cent year-on-year to about VND397 billion (US$18.9 million) in the first quarter after the bank spent up to VND317 billion ($15 million) to establish a risk provisional fund.
According to the bank's financial reports, three-month net turnover reached nearly VND1.3 trillion ($61.9 million), down 2.2 per cent over the same period last year. Revenues from foreign-exchange trading and share dividends dropped slightly while incomes from stock trading and other activities slumped by half.
Deposits expanded 2.3 per cent, equivalent to about VND114 trillion ($5.4 billion), while lending grew only 0.3 per cent, equalling about VND67 trillion ($3.2 billion). Bad debts accounted for 3.5 per cent of the bank's total outstanding loans. ― VNS
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