TCB – Earnings review- [BUY]- Expanding beyond credit

1Q26 PBT rose by +22.6% to VND8,870bn, thanks to a moderate growth in credit activities (+14.6%yoy), a robust growth in net fee incomes, and a decrease in provision expenses. 1Q26 completed 23.7% of the 2026 target. However, 1Q26F PAT grew only by 15.6%yoy to VND6,950bn due to a higher effective tax rate.