{"id":27338,"date":"2024-10-29T16:47:48","date_gmt":"2024-10-29T09:47:48","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=27338"},"modified":"2024-10-30T17:32:52","modified_gmt":"2024-10-30T10:32:52","slug":"gtjasvn_tcb-equity-report_cap-nhat-kqkd-q3-2024_jul2024","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_tcb-equity-report_cap-nhat-kqkd-q3-2024_jul2024\/","title":{"rendered":"GTJASVN_TCB-Equity-Report_Q3.2024 Earnings Update_Oct2024"},"content":{"rendered":"<p><span style=\"font-family: helvetica, arial, sans-serif\">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.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">ASSESSMENT<\/span><br \/>\n<span style=\"font-family: helvetica, arial, sans-serif\">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.<\/span><\/p>\n","protected":false},"author":31,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-27338","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_TCB-Equity-Report_Q3.2024 Earnings Update_Oct2024 - 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\/gtjasvn_tcb-equity-report_cap-nhat-kqkd-q3-2024_jul2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_TCB-Equity-Report_Q3.2024 Earnings Update_Oct2024 - GTJA\" \/>\n<meta property=\"og:description\" content=\"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%). 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