TCB – Earnings review – [HOLD] – Unattractive earnings growth in 4Q24

4Q24 PBT was down -18.7%yoy to VND4,696bn due to (1) lower non-interest incomes (-72.1% yoy) and (2) significantly higher operating expenses (+31%yoy). Meanwhile, stronger net interest incomes (+13.2%yoy) and lower provision risk expenses (-92.8%yoy) were unable to salvage profit growth. Accumulated 2024 PBT grew by +20.3% yoy to VND27,538bn, fulfilling 102% of the 2024 guidance and 90% of KIS’s 2024 estimation.