'Techcombank is nearing a 19% growth target'

In response to the question, "Where does Techcombank stand in terms of loan growth in Vietnam – currently a very fast-growing Southeast Asian country?", CEO Jens Lottner stated that the bank is nearing its full-year target of 18 or 19%.

In an interview on CNBC TV on October ..., Techcombank CEO Jens Lottner was quite confident that Techcombank could end 2024 even higher, as the bank is experiencing very strong growth.

“Over the past few years, Techcombank has grown at a rate of 20%. In the first half of 2024, we were at 11-12%, while the rest of the industry was around 6%,” said Jens Lottner.

In addition to real estate, Mr. Jens Lottner also plans for the investment bank to invest in the tourism and leisure sector in the near future. According to his analysis, "all sectors are typically driven by domestic consumption, not exports. Because over time, exports can decline as the domestic economy grows."

Explaining Techcombank's impressive growth milestones, Jens Lottner, with his experience advising numerous global brands, emphasized the power of daring to bet on technology. “Techcombank has invested $500 million in technology upgrades, along with significant investment in the bank's data. If you compare our position four years ago to our current position in terms of data, or to other established names, I think our standards are now not only ASEAN-standard but also global,” he said.

By combining cutting-edge technological advancements such as Big Data, Cloud Computing, and Artificial Intelligence (AI), Techcombank predicts customer behavior and needs throughout their financial journey, developing tailored product packages to reach the right target customers.

“What’s special is that Techcombank can deploy generative AI and other modern technologies in a very different way compared to other banks, which are operating with outdated technology systems. Even when working with big names in the industry, Techcombank doesn’t need to use the information they provide, because we’ve already stored it centrally; we just need to connect to their systems!”, the CEO said.

According to CEO Jens Lottner, Techcombank currently stores 5 billion data points daily, and each customer is defined by approximately 7,000 attributes; this number is increasing daily. Emphasizing the importance of Techcombank's data warehouse, he affirmed: Data is what brings the greatest efficiency, allowing Techcombank to make a significant difference in personalization, improve productivity, and achieve many other accomplishments, far exceeding conventional technology.

(Source: CNBC)

Techcombank is one of the largest joint-stock banks in Vietnam, with a vision to transform the financial industry and enhance the quality of life. Focused on providing retail and corporate banking solutions, Techcombank currently serves over 14.8 million customers through its digital banking platform, mobile application, and extensive nationwide branch network.

In the first nine months of 2024, Techcombank recorded outstanding business growth, with its indicators maintaining its position among the top-performing banks in the market. Net interest income reached VND 26,900 billion, a 33.9% increase compared to the same period last year. Net interest margin (NIM) (12-month trailing) remained at 4.3%, equivalent to the previous quarter and higher than the same period last year. Income from service activities also recorded a 17.1% increase, reaching VND 8,300 billion.

In particular, investment banking service fees increased by 110.6%, reaching VND 2,541 billion.

As of the end of September 2024, Techcombank's total assets reached VND 927,100 billion, an increase of 9.1% compared to the beginning of the year.

Techcombank is rated AA- by FiinRatings, Ba3 by Moody's, and BB- by S&P.

Source: https://vietnamnet.vn/techcombank-dang-tien-sat-muc-tang-truong-19-2337740.html