Techcombank: VND197 Billion Profits in Eight Months

Vietnam Technological and Commercial Bank (Techcombank) reported its revenues of VND126.42 billion (US$7.9 million) in August, an on-year increase of 37 per cent, raising total revenues in the first eight months of 2006 to VND829 billion (US$51.81 million). In August alone, its pre-tax profit reached VND29 billion (US$1.81 million), brining its eight-month pre-tax profit to VND197 billion (US$12.31 million). Techcombank mobilised VND13,254 billion (US$828.37 million) from January to August, up 41 per cent compared with the same period last year.

 

In August 2006, Techcombank also sped up research and development activities for new products. It applies attractive interest rates for savings deposits. Clients can use their savings accounts to mortgage and borrow money, which can be equal to 95 per cent of the account value. Techcombank is completing processes and procedures to introduce new products like education savings accounts, Techcombank Visa Debit cards.