TCB’s 4Q24 results highlights

TCB’s 4Q24 PATMI fell by -41% QoQ/-24% YoY to reach VND3.4tn due to a VND1.8tn one-off payment to Manulife as compensation for concluding the bancassurance exclusivity deal. Full-year PATMI was VND21.5 tn (+20% YoY), fulfilling 92% of our forecast.

Excluding the one-off cost, 4Q24 PATMI would be VND5.2tn (-10% QoQ/+17% YoY), and 2024 PATMI would be VND23.3 tn (+30% YoY).

For the complete report, please access here: TCB_4Q24 Analyst Meeting_Takeaways

Analyst: Tanh Tran, tanh.tran@yuanta.com.vn