TPB - NoII sturdy despite tough challenges from pandemic - Earnings Flash
  • 2021-10-20T00:00:00
  • Company Research

TPB released strong 9M 2021 results with TOI of VND9.9tn (USD431mn; +39.6% YoY) and bottom-line net profit of VND3.5tn (USD153mn; +45.3% YoY), completing 80.1% and 74.3% of our FY 2021 forecasts, respectively. The increase in NPAT-MI was mainly driven by (1) a 31.3% YoY increase in NII, (2) 83.3% YoY increase in pure net fee income, (3) 152.4% YoY surge in investment securities gain and (4) OPEX only growing 9.5% YoY relative to TOI growth of 39.6% YoY, which outweighed a 98.8% YoY rise in provision expenses. We see potential upside risk to our 2021F earnings forecast, pending for a fuller review.

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