Analyst Pin-board TCB – Maintaining competitive advantages
- CASA ratio slightly decreased in 1Q2021 due to seasonality of corporate customers. The drop in deposit funding costs in 2020 and 1Q2021 was attributed more to lower interest rate than the higher CASA ratio.
- NPL ratio is expected to be higher towards the year end. However, TCB is projected not to suffer significant increase in credit costs.
- We maintain a target price of VND 50,900/share and a BUY This translates to an upside of 17% from the closing price of May 4 2021.
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