TCB – 2Q25 Business Results Update and Analyst Meeting Notes
• In 2Q25, PBT reached VND 7.9 trillion (+1% YoY, +9% QoQ). For 6M25, cumulative PBT amounted to VND 15.1 trillion (-3% YoY), achieving 48% of the full-year forecast.• Total operating income declined by 5% YoY, driven by a 4% YoY decrease in net interest income and a 14% YoY reduction in fee income. However, operating expenses and provisions for credit risks decreased by 3% YoY and 38% YoY, respectively, resulting in flat PBT for 2Q25 compared to the prior year.
• The NPL ratio slightly increased to 1.26% (1Q25: 1.17%) due to the impact of CIC adjustments. Excluding CIC effects, the NPL ratio remained stable at 1.05% QoQ.
• TCB demonstrated robust credit growth of 10.6% in 2Q25, leveraging its comprehensive ecosystem within the real estate value chain. However, the NIM still faced pressure, declining to 3.8% (-86 bps YoY). Having said that, NIM is expected to stabilize at current levels, supported by stronger credit demand in the second half of the year.
• BVPS at the end of 2Q25 was VND 22,310. At the closing price on July 23, 2025, TCB traded at a P/B ratio of 1.59x.
• PBT projections for 2025F and 2026F are VND 31.7 trillion (+15% YoY) and VND 38.9 trillion (+23% YoY), respectively. The target price for TCB (currently VND 34,000 per share) is under review and will be updated in the forthcoming report.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.