According to Techcombank’s consolidated first quarter financial statement, net interest income was 4.212 trillion dong, up 23 percent over the same period last year. Net fee and commission income reached 862 billion dong, up 73%, mainly from payment and cash services and securities underwriting.
Profit from trading investment securities increased by 82 percent to 557 billion dong while profit from trading securities decreased by 13 percent to 73.7 billion dong. Foreign exchange activity lost 28 billion dong.
After deducting the operating expenses of 2.138 trillion dong (up 33%), the net profit before provision was 3.893 trillion dong, up 40 percent compared to the first quarter of 2019. The sudden provision expense grew by 261 percent to 772 billion dong, Techcombank ended the first quarter with an after-tax profit of 2.505 trillion dong, an increase of 20%.
Total assets as of March-end stood at 39.807 trillion dong, up two percent compared to the beginning of the year. Lending to customers increased by 0.5%, at 229.037 trillion dong. Customer deposits were 235.098 trillion dong, up 1.6%. Bad debt reached 2.53 trillion dong dong, down 18 percent from the beginning of the year, the bad debt ratio improved from 1.33 percent to 1.09%.
Deposits and credits to other credit institutions were nearly 31 trillion dong, down 36 percent from the beginning of the year, mainly from deposits at other credit institutions. The portfolio of investment securities also grew by 29 percent to 85.389 trillion dong.
