In a recent development, KBSV Securities (KBSV) provided an insightful analysis of TCB’s stock performance. The report highlights the bank’s strategic partnership as a diamond sponsor and co-organizer for the “Anh trai vượt ngàn chông gai” concert. This move is expected to enhance Techcombank’s brand positioning in the market.
As part of this initiative, Techcombank offered concert tickets to existing and new customers who opened accounts and utilized the “Sinh lời tự động” feature. The response was remarkable, with 4,500 tickets claimed and over 120,000 customers activating the “Sinh lời tự động” feature on the Techcombank Mobile app.
This campaign effectively boosted the bank’s low-cost, non-term deposits, with interest rates ranging from 0.2-0.5%. Additionally, it helped expand the bank’s potential customer base for future growth. However, KBSV’s analysts also noted that the sponsorship would likely result in increased operating expenses for the bank during the period.
The analysis also offered a positive outlook on Techcombank’s credit growth for the 2025-2027 period. KBSV anticipates the bank to maintain a credit growth rate of 21% for 2024 and 16-18% for the following years. This projection is supported by the expected recovery of the real estate market, which will drive mortgage lending. Techcombank’s focus on home loan disbursements has been the primary driver of credit growth in the individual customer segment.
In addition to real estate lending, the bank is also diversifying its loan portfolio into other sectors such as FMCG, retail, and logistics. “We observe improved disbursements in these sectors due to a more stable economy and the current peak lending season,” KBSV stated in its report, expressing optimism about TCB’s credit growth for 2024 and beyond.
According to the bank’s Q3 2024 financial report, Techcombank recorded a pre-tax profit of VND 22,800 billion in the first nine months of 2024, reflecting a 33% increase compared to the same period in 2023.
As of September 2024, Techcombank’s total assets reached VND 927,100 billion, representing a 9.1% increase from the beginning of the year and an 18.7% surge compared to the same period last year. The bank’s individual credit growth stood at 17.4% year-to-date, reaching VND 622,100 billion. On a consolidated basis, credit growth in the individual customer segment was the main driver in Q3, with customer deposits increasing by 8.9% year-to-date and 21% year-over-year to VND 495,000 billion.
Notably, Techcombank achieved a record-high CASA balance of VND 200,300 billion, resulting in a CASA ratio of 40.5%. This indicates a strong preference for low-cost deposits, which is beneficial for the bank’s overall financial performance.
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