TCB – Earnings review – [HOLD] – Stronger retail loan disbursement

3Q24 PBT was up +23.5%yoy to VND7,214bn from a low base 3Q23, driven by (1) strong credit growth, (2) manageable operating expenses (-5.5%yoy, 3Q24 CIR’s 29% vs 3Q23 CIR’s 35%), and (3) moderate risk provision expenses. 9M24 PBT grew by +33.5yoy to VND22,842bn, fulfilling 84% of the 2024 guidance and 74% of KIS’s 2024 estimation.