TCB – Outstanding Credit Growth to Drive Q2/24 Profit Growth
- For Q2/24, we estimate TCB's consolidated PBT to rise by 24% YoY to VND 7.0 trillion, mainly driven by net interest income with an expected growth of 40% YoY.
- The drivers of TCB’s net interest income growth in Q2/24 include an above-industry-average credit growth (expected at 12.3%) and a significant YoY expansion in NIM (+40 bps YoY) as the "flexible pricing" policy has notably impacted TCB’s interest income in the same period last year.
- We maintain our 2024F PBT projection for TCB at VND 28.0 trillion (+23% YoY), with the growth in Net interest income/net fee income/Total operating income projected at 24%/19%/20%.
- We maintain our BUY recommendation for TCB with a target price of VND 28,000 per share, implying a total expected return of 19%.
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