Techcombank to raise charter capital by VND 5 trillion

The decision was made at the shareholders’ annual meeting on April 15. 

At the Techcombank shareholders’ annual meeting on April 15. (Photo: Techcombank)

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

In 2017, Techcombank aims to hit consolidated pre-tax profit of VND 5.02 trillion (USD 220.88 million) and total asset value of VND 279.017 trillion (USD 12.27 billion), up 26 percent and 19 percent from a year earlier respectively. 

It also wants 31-percent growth in mobilized capital to VND 227.133 trillion (USD 9.99 billion) and another 16-percent rise in outstanding loans to 181.067 trillion VND (7.96 billion USD) by the end of this year. 

The bank also hopes to keep the rate of bad debt at less than two percent. 

In 2016, it posted pre-tax profits of VND 3.997 trillion (USD 175.86 million), soaring by 96.2 percent from the previous year and 13 percent from targets. 

Techcombank mobilized VND 173.449 trillion (USD 7.63 billion) and recorded outstanding credit of VND 159.01 trillion (USD 6.99 billion) by the end of last year, up 21.9 percent and 24.8 percent year on year. 

The bad debt rate was cut to 1.57 percent from 1.67 percent in 2015.

Source: VNA