TCB – 1H20: Strong earnings, asset quality – Update

• Techcombank’s (TCB) 1H20 net profit rose 17.4% yoy to c.VND5,273bn on robust topline growth; 1H20 net profit formed 49.2% of our full-year forecast.
• Aggressive provisioning brought NPL ratio down to 0.9% at end-1H20, its lowest level ever, while loan loss coverage was steady at 108.6%.
• Reiterate Add with an unchanged TP of VND27,400.

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