Techcombank earns more than 1,700 billion VND from selling headquarters

Techcombank 's "other profits" in the first quarter increased dramatically thanks to the sale of its headquarters at 191 Ba Trieu (Hanoi), earning more than 1,700 billion with a profit of more than 730 billion VND.

The consolidated financial report for the first quarter of Vietnam Technological and Commercial Joint Stock Bank (Techcombank, TCB) said that the bank recorded "other profits" of more than VND1,000 billion in the first three months of this year, more than double that of the same period last year. Of which, the activity that accounted for the largest proportion was the liquidation of investment real estate.

Specifically, revenue from this activity reached over VND1,775 billion, with a selling cost of VND1,044 billion. Profit from liquidation of investment real estate brought Techcombank over VND730 billion, a breakthrough in the first quarter of this year.

Previously, this bank had only one investment property, the building at 191 Ba Trieu, Hai Ba Trung, Hanoi , which was first recorded in the audited financial report in 2012.

The property, formerly Tower B of the Vincom Center Hanoi project, was acquired by Techcombank from Vingroup in late 2011 and later renamed Techcombank Tower. The site has been used by the bank as its headquarters for the past 10 years.

Earlier this year, Techcombank announced the relocation of its headquarters from 191 Ba Trieu to Techcombank building at 6 Quang Trung, Hoan Kiem, Hanoi.

The extraordinary profit from other activities also helped Techcombank's business results partially narrow the decline in the first quarter.

In the first three months of this year, the bank recorded pre-tax profit of more than VND5,600 billion, down 17% compared to the same period last year. Of which, the item with the biggest impact was net interest income - the bank's main "rice bowl" - down nearly 20% to VND6,527 billion.

Higher net profit from services and other activities helped Techcombank's total operating income decrease by just over 7%. However, the burden of provisions and operating expenses caused profits to widen the decline.

By the end of the first quarter, Techcombank's total assets reached VND723,500 billion, up more than 3% compared to the beginning of the year. Of which, outstanding loans to customers increased by 10.6% compared to the end of the previous year.

Minh Son

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