Techcombank profit up 14.9% to $532.7m in H1 as insurance income doubles

The launch of its new life insurance company in Q1 accelerated the new premium collection

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) reported a net profit of $279.23m (VND7.35t) for the second quarter of 2026, 17.65% year-on-year (YoY) higher than the same quarter in 2025, its latest financial report showed.

For the first six months of the year, Techcombank’s net profits are $532.77m (VND14.02t), 14.96% YoY higher.

Net interest income (NII) rose 16.3% YoY to $771.22m (VND20.3t) in the H1 2026 period whilst net interest margin (NIM) rose to 3.4% in Q2 from 3.1% in Q1, the Vietnam-based bank said.

Net fee income jumped 37.6% YoY to $288.73m (VND7.6t) in H1, which Techcombank attributed to the growth of its insurance business and robust momentum in its trade, payment, and FX services.

“Fee income continues to be a key growth driver, underpinned by our strength in transaction banking and cards, the rapid scaling of insurance businesses, and the successful development of new fee-generating products,” said Techcombank CEO Jens Lottner.

Investment banking fees dropped by 24.3% YoY to $68.38m (VND1.8t) in H1. The Q2 period saw fees rise 82.9% quarter-on-quarter (QoQ) in Q2 compared to Q1, however, Techcombank said, driven by a rebound in bond distribution, bond advisory, consulting, and agency services.

Card-related fees rose 21.5% YoY to $35.51m (VND934.7b) on the back of stronger contributions from installment, interchange, and FX fees.

FX sales and derivatives rose 21.4% YoY to $26.93m (VND708.8b) in H1.

Insurance services—including bancassurance and insurance services provided by subsidiaries—generated $37.99m (VND1t) in fees, up 121.6% YoY or more than double than in H1 2025. In Q2 alone, income rose 137.3% YoY to $22.16m (VND583.2b).

The full-scale launch of Techcombank’s new life insurance company in Q1 accelerated the new premium collection, the bank said.

Net income from other activities dropped 59.1% YoY to $13.05m (VND343.6b) on lower FX trading income.

Operating expenses rose 19.3% YoY to $320.25 m (VND8.43t) in H1.

(US$1 = VND 26,322.99, as of 23 July 2026)