(EN) GTHTSVN_TCB Equity Report_Business Results Update Q2.2026_July2026

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(EN) GTHTSVN_TCB Equity Report_Business Results Update Q2.2026_July2026

03/08/2026

TCB reported positive results in 2Q26 and 1H26, with PBT reaching VND 9,670 billion (+22.4% YoY) and VND 18,540 billion (+22.5% YoY), respectively, driven by robust credit growth, resilient fee income and lower provisioning expenses.

Credit grew 15.0% YTD in 1H26, while customer deposits increased 7.0% YTD, keeping LDR at 80.1%. NII rose 16.3% YoY in 1H26, while NFI increased 37.7% YoY. A key highlight in 2Q26 was the improvement in quarterly NIM from 3.1% in 1Q26 to 3.4%.

Asset quality remained stable, with the NPL ratio at 1.15%, LLR at 116.3% and credit cost declining to 0.5%, although Special Mention loans continued to increase, indicating that credit risks still warrant monitoring. Overall, 1H26 results were in line with our expectations; going forward, funding cost and asset quality trends will be the key drivers of earnings growth.

Following the 1H26 results, we maintain our HOLD recommendation on TCB with a target price of VND 33,100/share. Although elevated funding costs continue to pressure margins, we believe the bank remains well positioned to sustain above-sector earnings growth, supported by robust credit growth, resilient fee income and disciplined risk management. At the current market price of VND 29,350/share, the stock offers 13% upside.

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