TCB released its consolidated results for 9M 2023 with PPOP and NPAT-MI of VND19.4tn (USD792mn; -12.1% YoY) and VND13.6tn (USD554mn; -18.3% YoY), which achieves 73.1% and 73.3% of our respective full-year forecasts. TCB’s Q3 2023 NPAT-MI was VND4.6tn (+3.5% QoQ; -12.9% YoY). We see no material changes to our earnings forecast for TCB, pending a more comprehensive review.

- 9M 2023 credit growth was 13.5%, with gross loans increasing by 13.1% and the corporate bond book increasing by 17.7%. Q3 2023 credit growth was 3.5% QoQ. 

- 9M 2023 customer deposit grew 14.1% with Q3 2023 deposit growth of 7.1% QoQ. In Q3 2023, TCB’s CASA ratio decreased 1.3 ppts QoQ and decreased 12.9 ppts YoY to 33.6%.

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