TCB – Lower-than-expected provision expenses – Earnings Flash

• 3Q19 net profit rose 24% yoy to VND2,554bn, driven by a 16.2% yoy rise in NII and 626.7% yoy jump in investment income.
• 9M19 net profit rose 13.5% yoy to VND7,046bn, in line at 75.4% of our full-year forecast.
• We maintain our Add rating with a TP of VND27,400.

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