TCB – Earnings review- [HOLD]- Proactive expansion, Trend capture

3Q25 PBT continued to improve quarterly + 4.4%qoq and +14.4%yoy to VND8,250bn, thanks to strong growth of operating incomes (+21.2%yoy/11.8%qoq). 3Q25 earnings results are relatively in line with KIS’s estimate. The cumulative number, 9M25 PBT, rose by +2.4%yoy to VND23,385bn, completing 74% of the 2025 guidance and 76% of KIS’s estimate