Analyst Pin-board: TCB 1Q2020 updates - NII to maintain strong momentum
TCB achieved a good 1Q business performance as the impact of Covid-19 has yet to be reflected fully. Results in the next quarters are expected to be hit harder. Set aside the concentration risk of lending to real estate-related sectors, we appreciate the bank’s solid balance sheet, with a focus on lower risk segments, such as high-income group, working capital and collateralization. A significant portion of 1Q earnings was also spent to accumulate more room for NPL and LLR, in precaution for probable bad debt formation upon the outbreak. Considering the current stable condition of the real estate market, we think TCB would show a strong resilience to this crisis and would be able to recover strongly whence the pandemic impact is over.
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