According to Euromoney, Techcombank earned the “The Best Bank in Vietnam 2018” award as a result of the bank’s outstanding performance across all consideration criteria: sustainable development, business performance, risk management, information technology, management quality, and contribution to the local financial and banking market. Other criteria include total revenues, total assets, profit before tax, and net income.
Euromoney’s “Awards for Excellence” are among the world’s most highly acclaimed honors in recognition of superior banking performance in the industry. There are more than 20 categories for international awards, and the “Best Bank” awards are presented to leading banks in nearly 100 countries. The awards celebrate institutions and individuals for their leadership and commitment to outstanding development in their respective markets. Euromoney considers both qualitative and quantitative factors in bestowing the awards to ensure fairness and to enable the banks to showcase their strengths.
On the award, Techcombank’s CEO Nguyen Le Quoc Anh said, “The Best Bank in Vietnam 2018” award conferred on us by Euromoney reaffirms our leading position in the Vietnamese banking sector. Our achievements in recent years, and especially our business results in the first half of this year of VND 5,196 billion in profit before taxes, nearly twice as much as what we earned in the same period last year, reflects our successful pivot to the customer-centric strategy and ongoing transformation. We will continue to invest in long-term development of our team members, leverage technology to service and delight our customers. Finally, the investments in technology, people development, will enhance our risk management, operational effectiveness which will enable us to maintain and extend our market leadership position.”
At the end of the first half of 2018, Techcombank reported return on average equity (ROAE) andreturn on average assets (ROAA) of 24.3% and 3.2%, respectively based on the previous 12 months. The bank’s Total Operating Income (TOI) rose by 20.1% compared to the same period last year with non-interest income contributing 41.7% of TOI.
In April 2018, Moody’s Investors Service (Moody’s) raised Techcombank’s rating to “B1” with a “Stable” outlook, on par with Vietnam’s sovereign rating. At the same time, Standard & Poor’s (“S&P”) increased Techcombank’s capital and income ratings to “Average”, the highest among rated Vietnamese banks. Additionally, Techcombank has also been recognized as one of the Top 2 Best Places to Work in Vietnam by Anphabe for two years in a row, which reflects the bank’s success in attracting and developing talent.
Euromoney is a prestigious economic magazine in finance and international capital markets, and has been considered the voice of such markets over the last five decades. It covers major developments in global bond, capital and foreign exchange markets. Its publications are printed and distributed across the world. More than 25,000 copies of the magazine are sold every month, attracting special attention from investors and bankers in all continents.
Established in 1993, Techcombank is one of the largest joint stock banks (JSBs) in Vietnam, and one of the leading banks in Asia. It provides a broad range of banking products and services to approximately 5.4 million customers with an extensive network of 315 branches across Vietnam.
Source: Vietnam Insider