Techcombank AGM: Record 2025 Profit, 7% Cash Dividend, Up to 60% Stock Dividend

Overview

Techcombank (TCB) held its 2026 Annual General Meeting on April 25, reporting a record pre-tax profit of VND 32,538 billion for 2025, up 18.16% year-on-year. The bank proposed a 7% cash dividend and a stock dividend of up to 60%, reflecting strong capital position and shareholder return policy.

Key Facts

• Pre-tax profit 2025: VND 32,538 billion, up 18.16% YoY, exceeding the AGM target of VND 31,500 billion.
• Cash dividend proposal: 7% (VND 700 per share).
• Stock dividend proposal: up to 60% (60 bonus shares for every 100 held).
• CASA ratio: 40.4% at end-2025, highest in the market, with CASA balance up 17%.
• Assets under management (AUM) for PnP: VND 645 trillion, up 86% YoY.
• Credit growth: 18.36% in 2025.
• Market share: 27% of total Visa card transaction value nationwide; 38% of bond issuance market.

What Happened

At the 2026 AGM, Techcombank CEO Jens Lottner presented the 2025 results, highlighting record profit and strong operational metrics. The bank’s net interest income benefited from 18.36% credit growth, while NIM faced pressure and provisioning costs were controlled. The board proposed a 7% cash dividend and a stock dividend of up to 60%, subject to shareholder approval and regulatory clearance.

Lottner emphasized that Techcombank has evolved from a pure bank into a comprehensive financial ecosystem, including wealth management and capital markets. The bank’s diversification strategy has reduced real estate exposure from 40% to below 30% of the loan portfolio, while other segments grew 3-4 times.

Market Context

TCB closed at VND 32,000 on April 15, 2026, down 0.16% with volume of 11.5 million shares. The stock trades on HOSE. The banking sector has been supported by strong credit growth and improving asset quality. Techcombank’s high CASA ratio and market-leading positions in cards and bond issuance provide competitive advantages.

Strategic Significance

Techcombank’s record profit and generous dividend proposal underscore its strong capital generation and shareholder-friendly policy. The stock dividend of up to 60% will increase share liquidity and potentially attract more foreign investors, though it dilutes EPS in the near term. The bank’s focus on technology, data, and AI positions it to capture growth in Vietnam’s digital banking and wealth management sectors.

What to Watch

• Shareholder vote on dividend proposals at the AGM.
• Q1 2026 earnings release for continued profit momentum.
• NIM trend and credit growth trajectory in 2026.
• Foreign ownership limit changes and potential inclusion in ETFs.
• Regulatory approval for the stock dividend issuance.