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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Market Price
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Target Price
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Dividend Yield
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Rating
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Sector
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VND19,400
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VND27,400
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0%
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ADD
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BANKS
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