TCB – Earnings review- [HOLD]- Quarterly turnaround

2Q25 PBT improved quarterly + 9.2%qoq and stayed flat +0.9%yoy to VND7,899bn. Cost management offset the lower operating incomes. The accumulative number, 1H25 PBT, declined by -3.2%yoy to VND15,135bn, completing 48% of the 2025 guidance and 46% of KIS’ estimation.