TCB released its consolidated results for H1 2023 with PPOP and NPAT-MI of VND12.6tn (USD534mn; -14.4% YoY) and VND9.0tn (USD379mn; -20.8% YoY), which achieved 45.5% and 48.5% of our full-year forecasts, respectively. TCB’s Q2 2023 NPAT-MI was VND4.5tn (-0.9% QoQ; -23.2% YoY). We see no material changes to our earnings forecast for TCB, pending a fuller review.

- 6M 2023 credit growth was 9.7%, with gross loans increasing 10.9% while the corporate bond book decreased 3.0%. Q2 2023 credit growth was weak at 0.6% QoQ. 

- 6M 2023 customer deposit growth was 6.6%; however, the deposit balance in Q2 2023 dropped 1.4% QoQ, which is the same trend seen at banks that have thus far released Q2 2023 financial results. In Q2 2023, TCB’s CASA ratio increased 2.9 ppts QoQ but decreased 12.6 ppts YoY to 34.9%.

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