- 2022-01-24T00:00:00
- Company Research
TCB released consolidated results for 2021 with PPOP and NPAT-MI of VND25.9tn (USD1.13bn; +40.7% YoY) and VND18.0tn (USD784mn; +46.4% YoY), which achieved 102.4% and 101.7% of our FY2021 forecasts, respectively. The strong increase in the bottom line was driven by (1) 42.4% and 57.9% YoY respective increases in NII and NFI (including FX trading), (2) a 7.6% YoY increase in gains from trading and investment securities and (3) relatively flat provision expenses on a YoY basis, which were partly offset by a 29.5% YoY increase in OPEX and 20.9% YoY decrease in net other income. We see no material change to our earnings forecast for TCB, pending a fuller review.
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