Revenues surged nearly 34 percent to VND19.3 trillion, with double-digit growth in income from net interest and services, the bank said.
Techcombank, which has been the most profitable private lender in the country in recent years, increased its provision for bad debts by 3.6 times to VND2.2 trillion.
Other banks have also increased their bad debt provisions as the risk of non-repayment rises as the Covid-19 pandemic hurts businesses and affects their ability to repay debts.
Techcombank’s provisions helped its bad debt ratio fall from 1.3 percent earlier this year to 0.6 percent by the end of September.
The bank posted a credit growth of 8 percent in the first nine months. The State Bank of Vietnam has targeted an 11-14 percent
for the industry this year against 12-18 percent in the last three years.
- Banks maintain profit growth but bad debts rise
- Vietcombank profit plunges
- Banks eye profit growth despite pandemic
- Banks need to be cautious of bad debts
- Techcombank profits rise sharply
- Twelve banks clear all bad debts at VAMC
- COVID-19 pandemic causes bad debts to surge
- Many banks in Vietnam raise their charter capital quickly
- Banks’ profit forecast to drop significantly in H2