Company Insight

With a system-wide target growth of 16%, we project that TCB could achieve credit growth of 20% for 2025. NIM is expected to remain stable at 4.3% for 2025. The NPL ratio is forecasted to be below 1.5%. After recording one-time expenses related to ManuLife (VND 1,800 billion) at the end of Q4 2024, we expect non-interest income to achieve growth of more than 23% for 2025. The CIR is expected to stabilize around 30%. 2025 pre-tax profit could reach VND 34,054 billion (+23.7% YoY).

Using the residual income (RI) method and the P/B ratio method, we update our target price for TCB at VND29,600.