{"id":30835,"date":"2025-04-25T09:21:48","date_gmt":"2025-04-25T02:21:48","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=30835"},"modified":"2025-05-12T09:22:03","modified_gmt":"2025-05-12T02:22:03","slug":"gtjasvn_tcb-equity-report_business-results-update-q1-2025_april2025","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_tcb-equity-report_business-results-update-q1-2025_april2025\/","title":{"rendered":"GTJASVN_TCB Equity Report_Business Results Update Q1.2025_April2025"},"content":{"rendered":"<p><span style=\"font-family: helvetica, arial, sans-serif\">BUSINESS PERFORMANCE UPDATE <\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">In Q1\/2025, Techcombank recorded TOI of VND 11,611 billion (-5.3% YoY) and PBT of VND 7,236 billion (-7.2% YoY), affected by declining net interest margin and weaker non-interest income. Operating expenses increased slightly, pushing CIR up to 28.3%, while ROA and ROE dropped to 2.3% and 14.9%, respectively. Asset quality remained under control, with NPL rising slightly to 1.23% and NPL coverage ratio reaching 111.4%. Provision expense declined 10% YoY. Credit grew 3.8% YTD, driven by strong growth in retail lending (+26.6% YoY), focusing on margin lending and industrial real estate. Retail CASA continued to improve, while capital position strengthened with CAR at 15.3%. Although Q1 results declined, solid financial foundation and digital transformation direction provide a basis for profit recovery in coming quarters. <\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">OUTLOOK <\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">We maintain a BUY recommendation on TCB stock with a medium-to-long-term view, based on its solid financial foundation, ability to sustain superior profitability, and leading position in digital transformation. Applying the P\/B method (1.25x) and residual income model with more conservative assumptions, our 12-month target price is VND 31,475\/share, implying a potential upside of ~19% from the current market price.<\/span><\/p>\n","protected":false},"author":31,"featured_media":0,"template":"","cate_research":[],"specialized":[],"class_list":["post-30835","research","type-research","status-publish","hentry"],"yoast_head":"<title>GTJASVN_TCB Equity Report_Business Results Update Q1.2025_April2025 - 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_business-results-update-q1-2025_april2025\/\" \/>\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_Business Results Update Q1.2025_April2025 - GTJA\" \/>\n<meta property=\"og:description\" content=\"BUSINESS PERFORMANCE UPDATE In Q1\/2025, Techcombank recorded TOI of VND 11,611 billion (-5.3% YoY) and PBT of VND 7,236 billion (-7.2% YoY), affected by declining net interest margin and weaker non-interest income. Operating expenses increased slightly, pushing CIR up to 28.3%, while ROA and ROE dropped to 2.3% and 14.9%, respectively. 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Operating expenses increased slightly, pushing CIR up to 28.3%, while ROA and ROE dropped to 2.3% and 14.9%, respectively. 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