Net interest income in the third quarter increased by more than 15% qoq thanks to a significant reduction in cost of capital (COF). Non-interest income grew well thanks to the fee segment and recording profits from investment securities trading activities. TCB's provision costs this quarter increased sharply due to the rise of non-performing loan, TCB recorded more than VND944 billion provision expense in Q3 (+17% qoq). Cumulative 9 months of 2023, TCB's EBT reached VND17,115 billion (-17.8% yoy), processing nearly 78% of the year's profit plan. With the residual income (RI) method and comparison method based on the P/B index, we update the target price for TCB for the whole year 2024 at 50,050 VND, with potential upside at 62.0%.
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