Research Center

GTJASVN_TCB Equity Report_Q3.2023 Business Result Update_Oct 2023

25/10/2023

Share:

BUSINESS RESULT UPDATE

Credit increased by 11.4% in the first 9 months of 2023. Cost of funding still weighs on NII in Q3 which had not been able to recover strongly compared to same period last year.

The NIM continued to narrow from 4.3% Q2 to only 4% at the end of Q3.

Income from cards and payment settlement continued to support the bank’s service fee revenue growth reaching 8%yoy in the first 9 months of the year.

PBT in Q3 slightly improved compared to Q2. PBT in the first 9 months of the year reached 17.1 trillion VND, down nearly 18%yoy.

The bad debt ratio continued to increase rapidly to 1.4%. Accordingly, the bank’s credit risk provision expenses hiked compared to the same period last year.

 

COMMENTS

Signs of recovery are not yet clear in the bank’s business picture in the third quarter of 2023. Accordingly, the negative points are the narrowed NIM while the NPL ratio climbed. On the other hand, we can see that the bright spot is the recovery in net interest income compared to the previous 3 quarters to above VND7,000 billion. Accordingly, the bank’s pre-tax income increased slightly by 3%qoq.

We maintain the expectation that TCB will achieve credit growth around 14.1% (assigned by the State Bank) for the year 2023. PBT reached VND 23,000 billion, down 10% yoy.

Danh sách báo cáo liên quan

(EN) GTJASVN RS_DGC Equity Report _Strengthen the value chain_TP120,000_Oct 16 2025

17/10/2025

Strengthen the value chain KEY HIGHLIGHTS DGC is a leading chemical enterprise in Vietnam, holding a dominant position in the supply of yellow phosphorus...

GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025

15/10/2025

GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025 MWG is returning to a new growth cycle in 2025–2030 with three key...

(EN) GTJAVN_DBC Equity Report _Positive medium-term outlook _TP29500_Sep 30 2025

02/10/2025

Positive medium-term outlook KEY HIGHLIGHTS DBC is one of the leading pig farming enterprises in Vietnam. During the period 2024–6M2025, the company’s...

Contact

    For compliance information, please contact:

    compliance@gtjas.com.vn

    • Stock index
    • VNINDEX: 1664.46   28.03   (1.71%)
    • HNX: 265.96   2.94   (1.12%)