TCB – POSITIVE SIGNALS PERSIST
- In the fourth quarter of 2023, TCB recorded total operating income (TOI) and net profit of VND 11 trillion (USD 446 million) (+16.9% YoY and +5.8% QoQ) and VND 5.7 trillion (USD 231 million) (+21.6% YoY, -1.2% QoQ) respectively. It is evident that the bank's operational income began to recover in Q4/2023. Simultaneously, effective cost control served as a driving force for profit growth in Q4 compared to the same period. Cumulatively for the entire year 2023, TCB's total operating income (TOI) and net profit were VND 40 trillion (USD 1.6 billion) (-2% YoY) and VND 22.8 trliion (USD 926 million) (-10.5% YoY) respectively, achieving 104% of the bank's profit plan for 2023.
- As of the end of the fourth quarter, TCB's non-performing loan (NPL) ratio was 1.16%, marking a 20 basis points decrease QoQ. Concurrently, “G2 loans” ratio continued to demonstrate positive trends, decreasing to 0.86% from 1.26% at the end of the third quarter. The outstanding balance of structured loans according to Circular 02 at the end of 2023 for TCB was VND 1.8 trillion (73 million USD) with a 100% provisioning.
- Despite modest expansion potential in the first half of 2023 due to challenging conditions, the bank's business operations signaled a bottoming out as net profit in the second half grew by 3% compared to the first half and increased by 1.4% 2H2022. We anticipate this trend to continue improving in the coming quarters as the bank gains some control over certain bottlenecks related to funding costs, investment banking, and bancassurance activities
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