One of Vietnam’s largest banks reported surging profits last year, as the Southeast Asian economy turned a corner from the “perfect storm” of 2023.
The Vietnam Technological and Commercial Joint Stock Bank, or Techcombank for short, reported pretax profit of 27.5 trillion Vietnamese dong ($1.09 billion), a 20.3% increase from the year before. Operating income rose 17% to hit 47 trillion dong ($1.86 billion), thanks to growth in loans and wealth management services. Techcombank’s investment banking fees totaled 3.46 trillion dong ($137 million) last year, up 88%.
