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Techcombank reported pre-tax profit of 8.9 trillion VND in Q1, the highest ever recorded for the quarter, up 22.6% year-on-year. The result was supported by growth in both core interest income and services, with total operating income rising to 13.7 trillion VND, up 17.8% YoY.
Net interest income (NII) reached 9.5 trillion VND, up 14.6% YoY. However, higher funding costs and competitive deposit rates weighed on profitability, causing the quarterly net interest margin (NIM) to decline to 3.1%. The trailing twelve months NIM remained higher at 3.7%.
Non-interest income (NFI) from services increased to 3.6 trillion VND, up nearly 47% and reaching a record high. Payments and trade finance income rose to 1.6 trillion VND, up 158.6%, reflecting a revival in trade activity and the effectiveness of new trade-finance products.
On the lending side, loan outstanding increased 2.89% from the start of the year. The loan mix shifted as real estate lending fell to 28.9%, below 30% for the first time. Retail and SME lending grew 33% YoY and 6% from the start of the year to 395.3 trillion VND.
Other areas including fast-moving consumer goods, logistics and telecommunications also showed positive signals.
Customer deposits reached 651.0 trillion VND, up 14.2% from the start of the year. In a high-rate environment, part of the funds shifted to term deposits. Despite this, CASA (including interest-bearing accounts) remained at 37.9%, helping support funding costs.
Techcombank continued to maintain operational efficiency and risk management. Operating expenses were 3.87 trillion VND, up 17.8% YoY but down about 20% QoQ, reflecting cost control aligned with the bank’s strategic direction. As a result, the cost-to-income ratio (CIR) improved to 28.3%.
Credit-cost provisions fell 14.2% YoY to 0.935 trillion VND. The 12-month trailing cost of credit remained at 0.6%, and at a low 0.4% after recoveries from provisions, indicating asset quality under tight control.
More than 63% of retail customers were attracted via online channels. The number of electronic transactions reached 1.4 billion, up 27.3% YoY. By the end of Q1, Techcombank’s total assets reached 1.19 quadrillion VND.
CEO Jens Lottner said the Q1 results reflect the bank’s adaptability in a volatile economy, highlighting a focus on funding diversification to strengthen liquidity and support long-term growth.
Techcombank also signed a 200 million euro financing agreement with the European Investment Bank (EIB) to expand funding for green projects. In the coming period, the bank plans to accelerate collaboration within its ecosystem, speed up digital transformation, and move toward AI-based operations while maintaining its role as a financial partner for sustainable development.
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