Vietnam Technological and Commercial Joint Stock Bank (TCB) Investor presentation summary

FY2025 performance and financial position

• TOI including recoveries reached VND53.4Tn, up 13.6% YoY; PBT was VND32.5Tn, up 18.2% and above FY guidance.

• ROA held at 2.4%; NFI was VND11.5Tn, while CASA reached 40.4%, up 16.6% YoY.

• NPL improved to 1.13% from 1.23% in 3Q25; credit cost net of recoveries was 0.4%, with 127.9% coverage.

• CAR was 14.6% after a ~VND7Tn cash dividend in October; leverage was 6.6x and LDR 76.5% in 4Q25.

• Consolidated credit grew 21% YoY; real-estate exposure declined to 31% of total credit from 33% in 4Q24.

Competitive strengths and growth model

• Retail franchise reported 67% affluent market share, a VND260Tn mortgage book and 2.2MM merchant customers; merchant adoption grew 60% YoY.

• Digital channels had 13.1MM retail e-banking customers, 4.1Bn retail digital transactions, up 27% YoY, and 85.9% of customer transactions.

• Wealth platform reported VND645Tn AUM and VND7.1Tn PBT; transaction banking market share was 16.3% and CASA was 40.4%.

• The TCBS IPO was 2.5x oversubscribed; its share price rose 18.8% from IPO through 23 Jan 2026, while listed peers shown declined.

• Ecosystem strategy targets TOI market share growth from 5% in 2024 to 11% in 2030, supporting earnings accumulation and potential multiple re-rating.

Vietnam opportunity and 2026 priorities

• Government policy targets 10%+ economic growth in the next decade; resolutions promote technology, global integration, institutional reform and private-sector expansion.

• Financial services remain underpenetrated; Vietnam’s 2025 FDI was 4.2% of GDP, and the presentation cites growth potential across loans, deposits, wealth and insurance.

• 2026 priorities include diversifying credit toward infrastructure and healthcare, growing CASA, expanding fee income and bancassurance, and using AI to improve efficiency.

• FTSE Russell’s timeline shows a March 2026 confirmation and planned first-tranche inclusion in September 2026, subject to an interim review.