TCB – Earnings review- [HOLD]- Diversified lending book

4Q25 PBT continued to improve quarterly + 10.9%qoq and +94.9%yoy to VND9,153bn, thanks to strong growth of operating incomes (+54.8%yoy/3.9%qoq) and controlled operating expenses. The cumulative number, 2025 PBT, rose by +18.2%yoy to VND32,538bn, completing 103% of the 2025 guidance and 108% of KIS’s estimate.