Warbug-backed Techcombank sees profit up 61% in 9 months
As of September 2018, Techcombank` total asset value stood at VND311.79 trillion (US$13.36 billion), up 15.7% compared to the beginning of the year.
Vietnam Technological and Commercial Joint Stock Bank (Techcombank), backed by global private equity fund manager Warburg Pincus, saw its pre-tax profit climb 61% year-on-year to VND7.77 trillion (US$332.93 million) in the first nine months of 2018, according to the bank's statement.
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In the July - September period, the bank's pre-tax profit was reported at VND2.57 trillion (US$110.27 million), up 22% year-on-year, and revenue VND4.63 trillion (US$198.66 million), up 33% year-on-year.
As of September 2018, Techcombank' total asset value stood at VND311.79 trillion (US$13.36 billion), up 15.7% compared to the beginning of the year.
During the period, the lender's outstanding loans reached VND164.28 trillion (US$7.04 billion) against early 2018, and up VND101 billion (US$4.32 million) compared to the end of the second quarter.
Meanwhile, Techcombank's deposits at other credit institutions increased by 71% compared to the beginning of the year to VND27.66 trillion (US$1.18 billion), and its loans to other banks also grew by 16% to VND16.07 trillion (US$688.85 million).
Additionally, customers' deposits at the bank during the January - September period reached VND193.58 trillion (US$8.29 billion), up 13% against the beginning of the year.
The bank's bad debt stood at VND3.42 trillion (US$146.66 million), up VND845 billion (US$36.23 million) compared to the beginning of the year, resulting in a bad debt ratio of 2.05% of the total credit.
In early March, Warburg announced a US$370 million-investment in Techcombank, marking the largest-ever private equity investment in Vietnam to date. The transaction, which was made through two separate legal entities managed by Warburg Pincus, brings Warburg's total commitment in the country to over US$1 billion.
Techcombank is 14.99% owned by Masan Group, while foreign investors own 22.5% of the bank's chartered capital, albeit each owns less than 5%. Dragon Capital, Capital Group, Clermont Group, Singaporean wealth fund GIC and Fidelity are among shareholders of the bank.
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