Techcombank saw strong credit and profit growth in the first 9 months of 2024, with credit growth at 17.4% ytd and pre-tax profit reaching VND 22.8 trillion (up 33.5%). Net interest income grew on increased personal lending, particularly mortgages, though non-interest income declined by 10.2% due to lower revenue from letters of credit and foreign exchange. The end of its partnership with Manulife will add a compensation cost in Q4. Although NPL rose to 1.35%, Techcombank strengthened its bad debt provisions. Despite some short-term credit risks, TCB remains promising for long-term investors with its robust financial base and diversified revenue strategy.

ASSESSMENT
Hold: For long-term investors, TCB remains a potential stock thanks to its strong financial foundation, high CASA ratio, and revenue diversification strategy. However, short-term credit risks, particularly the increase in NPL and provision costs, along with the lack of improvement in NIM, may temporarily weigh on profits.