TCB – Earnings review- [HOLD]- Underwhelming earnings growth in 1Q25

1Q25 PBT was down -7.2%yoy to VND7,236bn due to (1) lower net interest incomes (-2.3%yoy) and (2) lower non-interest incomes (-12.1%yoy). Meanwhile, operating expenses (+1.1%yoy) and provision risk expenses (-10%yoy) were manageable. 1Q25 PBT completed 23% of the 2025 guidance and 22% of KIS’s 2025 estimation