{"id":16493,"date":"2022-10-27T07:46:27","date_gmt":"2022-10-27T00:46:27","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&p=16493"},"modified":"2022-10-27T07:46:27","modified_gmt":"2022-10-27T00:46:27","slug":"tcb-equity-report_update-q3-2022-results","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/tcb-equity-report_update-q3-2022-results\/","title":{"rendered":"TCB Equity Report_Update Q3\/2022 Results"},"content":{"rendered":"

BUSINESS PERFORMANCE<\/span><\/strong><\/p>\n

In Q3\/2022, TCB recorded 22% growth in PBT. Accumulated 9 months profit increased by 21%yoy.<\/span>
\nCASA decreased to 46.5% and the interest rate hike put pressure on the COF of the bank which was up 60bps in Q3.<\/span>
\nCredit portfolio expanded 10.5%ytd, mostly driven by rapid growth in individual loans (+37%ytd). Meanwhile, WB and corporate bond portfolio were reduced.<\/span>
\nNon-interest income activities stayed intact (exempt for IB).<\/span>
\nNPL ratio remained low at 0.6% while restructured loans declined to VND400bn.<\/span><\/p>\n

COMMENTS<\/span><\/strong><\/p>\n

The core business of TCB was affected by the recent interest rate hike. As per our comment in the July report, NIM of the bank declined to 5.4% in Q3 and is likely to be 5.3% on average for the full year 2022.<\/span>
\nWe believe that the bank\u2019s profit will likely stable in the next 3 quarters due to the adverse movement in macro (interest rate hike) and bond market.<\/span>
\nDespite owning an advantage over other banks and low P\/B, the recent challenges in the key business will continue.<\/span>
\nWe recommend \u201cNeutral\u201d with TCB.<\/span><\/p>\n","protected":false},"author":12,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-16493","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"TCB Equity Report_Update Q3\/2022 Results - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/tcb-equity-report_update-q3-2022-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TCB Equity Report_Update Q3\/2022 Results - GTJA\" \/>\n<meta property=\"og:description\" content=\"BUSINESS PERFORMANCE In Q3\/2022, TCB recorded 22% growth in PBT. Accumulated 9 months profit increased by 21%yoy. CASA decreased to 46.5% and the interest rate hike put pressure on the COF of the bank which was up 60bps in Q3. Credit portfolio expanded 10.5%ytd, mostly driven by rapid growth in individual loans (+37%ytd). 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Accumulated 9 months profit increased by 21%yoy. CASA decreased to 46.5% and the interest rate hike put pressure on the COF of the bank which was up 60bps in Q3. Credit portfolio expanded 10.5%ytd, mostly driven by rapid growth in individual loans (+37%ytd). 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