39 slides from Vietnam Technological & Commercial Joint Stock Bank's earnings presentation, Jul 22, 2025
Slide 1: Techcombank 6M25 Analyst Presentation
Techcombank 6M25 Analyst Presentation Hanoi, Jul 22 2025
Slide 2: Agenda
Section Section Section 01 Highlights 02 Economic Update 03 Financial Results Section Section 04 2025 Outlook 05 TCB share price performance 2
Slide 3: Highlights
6M25 Analyst Presentation Section 01 Highlights 3
Slide 4: Another quarter of strong results
Another quarter of strong results Improved Declined 01 Highlights ▪ Single-digit decline YoY in TOI in 1H25 was mainly due to interest rate competition, placing pressure VND 24.4 Tn on NIM and non-repeat of 1H24 trading income TOI 1 ▪ In 2Q25 Techcombank delivered over VND3.0 tn NFI, continuing to b
Slide 5: Economic Update
6M25 Analyst Presentation Section 02 Economic Update 5
Slide 6: Stellar 1H25 GDP growth and favorable tariff outcome
02 Economic Update Stellar 1H25 GDP growth and favorable tariff outcome point to a strong year of 2025 Better than last year Indicators 2Q24 3Q24 4Q24 1Q25 2Q25 2025F GDP growth 7.1 7.4 7.6 6.9 8.0 7.7 YoY, % Inflation 4.4 3.5 2.9 3.2 3.3 3.3 avg., % Retail sales growth1 5.7 5.8 5.9 7.5 7.2 real ter
Slide 7: Interest rate environment supports 6-year high credit expansion
02 Economic Update Interest rate environment supports 6-year high credit expansion Banking system's deposit & credit growth (YTD)1 CASA ratio of G27 Weighted deposit interest rates of G18 %, YoY % % Deposit growth Credit growth 6M 12M 7.9 24 8 9.4 9.9 6.9 22 7 6.4 6.1 6.1 21.1 6 5.3 20 4.4 4.8 4.7 4
Slide 8: Financial Results
6M25 Analyst Presentation Section 03 Financial Results 8
Slide 9: Financial highlights
03 Financial Results Financial highlights 2Q24 2Q25 6M24 6M25 2Q24 2Q25 TOI1 growth (YoY) 43.7% -4.8% 37.8% -5.7% Credit growth3 (YTD) 11.6% 10.6% NII growth (YoY) 50.6% -3.6% 40.2% -3.0% NIM (LTM) 4.3% 3.7% NFI2 growth (YoY) 35.5% -0.5% 32.0% -5.4% Loans & Asset NPL (loans) 1.28% 1.32% P&L NFI2/TOI
Slide 10: A strong quarter on both QoQ and YoY basis
03 Financial Results A strong quarter on both QoQ and YoY basis ▪ 2Q25 PBT was 9% higher QoQ and nearly 1% higher YoY, which was commendable given record-high results in 1H24 ▪ Provision expense improved significantly to ~VND1tn in 2Q (-38% YoY), contributing to bottom line delivery 2Q25 Earnings br
Slide 11: Wealth bank: increasing contribution across ecosystem
Financial Results Wealth bank: increasing contribution thanks to unique propositions across ecosystem ▪ Growth observed in most products vs 2Q24, especially bond-related, insurance and affluent banking services ▪ Robust investment distribution momentum thanks to bond distribution activities on the b
Slide 12: Strong balance sheet expansion with total assets exceeding VND1 quadrillion
Strong balance sheet expansion with total assets exceeding VND1 quadrillion 03 Financial Results ▪ Customer loans and mobilizing from customers both registered 20% YoY increase at the end of Q2 at the bank level, minor improvements in asset yields was offset by upticks in cost of funds ▪ Consolidate
Slide 13: Strong credit disbursement in 2Q
03 Financial Results Strong credit disbursement in 2Q ▪ Strong disbursement in 2Q was driven by both corporate and retail customers ▪ Share of short-term loans continued to increase Credit mix (VND Tn) Loan mix by term (VND Tn) 8.8% Short-term loan 8.3% 8.1% 7.8% 8.0% Medium and long-term loan Credi
Slide 14: Further progress in credit diversification
03 Financial Results Further progress in credit diversification ▪ Strong corporate credit expansion was led by disbursement in utilities and FMCG sector while RE book only inched up by 2% QoQ ▪ Within retail banking book the share of margin and unsecured lending continued to progress, in line with t
Slide 15: Real estate value-chain: quarterly mortgage disbursement
Real estate value-chain: quarterly mortgage disbursement reached ~VND30tn again 03 Financial Results Mortgage Prepayment & Disbursement (VND Bn) ▪ New high-rise supply in HCMC++ area remained low, less than 2k units in 1H25, and is estimated to range 7-10k for FY25 Pre-payment ▪ Northern market cont
Slide 16: Strong CASA-led deposit franchise
Strong CASA-led deposit franchise 03 Financial Results ▪ CASA ratio improved to 41.1% thanks to 7.9% QoQ expansion in CASA while TD was flat ▪ This was achieved thanks to the success of Auto-earning 2.0, merchant offerings and payment proposition ▪ Techcombank has been continuously maintaining No. 1
Slide 17: NFI generated over VND3tn in a quarter again
NFI generated over VND3tn in a quarter again 03 Financial Results ▪ Strong NFI in 2Q was attributable to over VND1.4tn from investment banking services, with robust performance across all key business lines namely brokerage & agency management, margin lending, bond underwriting & distribution and ot
Slide 18: Cost-Income Ratio remained at 29-30%
Cost-Income Ratio remained at 29-30% despite continuous investment effort 03 Financial Results ▪ Strong discipline over staff costs, in line with the Bank’s performance plan ▪ Higher marketing expenses were for new to bank acquisition, activation and customer engagement 2Q25 vs 6M25 vs Operating exp
Slide 19: Stable asset quality reflects best-in-class risk profile
03 Financial Results Stable asset quality reflects best-in-class risk profile ▪ Organic NPL, i.e., pre-CIC, was stable at ~1.05%. Both gross credit cost and credit cost net of recoveries extended downtrend, reaffirming superior asset quality and positively contributing to strong bottom line ▪ Mortga
Slide 20: Credit cost deep-dive
04 Financial Results Credit cost deep-dive ▪ Both own book’s new B2 and NPL formation slowed down in 2Q25 B2 CIC impacts (e.g., to VND1,459bn and VND1,399bn in 2Q25, from VND2,550bn Own book and VND1,793bn respectively in 1Q25) 48 2,233 3 ▪ CIC-driven NPL formation in 2Q25 however increased to 774 (
Slide 21: Capital and liquidity positions remained robust
03 Financial Results Capital and liquidity positions remained robust ▪ CAR remained among highest in the industry ▪ Stable funding from customers stayed at high level of c.77% Capital Adequacy Ratio1 (CAR) Funding mix (VND Tn) Mobilizing from customers Non-customer funding 15.4% 15.3% 855 15.1% 15.0
Slide 22: Differentiated operating metrics relative to sector peers
TCB 03 Financial Results Differentiated operating metrics relative to sector peers Industry median1 CASA CIR (LTM) 50% 50% 47% 46% 37% 38% 38% 38% 37% 40% 42% 39% 39% 41% 39% 41% 35% 34% 34% 35% 34% 34% 34% 34% 35% 34% 32% 35% 34% 35% 18% 19% 18% 18% 16% 18% 17% 17% 16% 34% 33% 33% 33% 14% 14% 17% 1
Slide 23: #1 transaction banking & Brand Equity, key in driving CASA
#1 transaction banking & Brand Equity, key in driving CASA and main operating account 03 Financial Results ▪ Strong increases in both inbound and outbound NAPAS247 transaction volume and value, helping to reclaim #1 position in the market Engagement & Usage Retail E-banking transaction NAPAS market
Slide 24: 2025 Outlook
6M25 Analyst Presentation Section 04 2025 Outlook 24
Slide 25: Internal GDP growth forecast of 7.7% for FY25
04 FY25 Outlook Internal GDP growth forecast of 7.7% for FY25 Real Vietnam & World GDP (Real GDP growth indexed to 100% in 2019, YoY growth each year) We revised our 2025 GDP forecast up to 7.7% following tariff announcement, which reflected: Vietnam 7.7 % ▪ Strong export activities supported by ext
Slide 26: FY25 guidance unchanged as 6M25 outcome in line
04 FY25 Outlook FY25 vs. FY24 guidance unchanged as 6M25 outcome was in line with expectation FY23 FY24 6M25 FY25 Improved Unchanged Declined Indicators Actual Actual Actual Outlook3 Commentary Credit growth1 19.2 20.8 10.6 Quota Possibility of a higher quota from SBV, reflecting the Bank’s strength
Slide 27: TCB Share price performance
6M25 Analyst Presentation Section 05 TCB Share price performance 27
Slide 28: TCB share price performance in 1H25
TCB share price performance in 1H25 05 TCB share price performance ▪ TCB’s outperformance reflects investors’ bullish view and positive responses to (1) strong set of results in 1Q25, management’s unchanged guidance on the FY25 PBT upon news on reciprocal tariff in Apr; (2) TCBS IPO; (3) more inform
Slide 29: Thank you. Contacts
6M25 Analyst Presentation Thank you. C o n t acts Techcombank Hanoi Head Office 06 Quang Trung str., Hoan Kiem Dist., Hanoi ir@techcombank.com.vn 29
Slide 30: Appendix
6M25 Analyst Presentation Appendix 30
Slide 31: 2Q25 – Asset book health
00 Appendix 2Q25 – Asset book health1 ▪ Higher LTV reflects diversification to to unsecured lending, in line with risk appetite Average LTV (%) Credit structure2 by customer interest (CI) rate (%) 59.0% 61.9% 17% 19% 18% 23% 21% 53.1% 54.6% 53.6% CI rate >10% 28% 18% 17% 18% 22% 19% CI rate 8->10% 2
Slide 32: Digital platform continues to be dominant channel
00 Appendix Digital platform continues to be dominant channel ▪ Share of e-banking transaction continued to be at high level (>90%) ▪ Strong increases in both inbound and outbound Napas247 transaction volume and value, helping to reclaim #1 position in the market Number of Retail E-banking customers
Slide 33: 6M25 Financial Highlights (1/3)
00 Appendix 6M25 Financial Highlights (1/3) 6M25 vs 2Q25 vs 2Q25 vs Balance Sheet Unit: 2Q24 3Q24 4Q24 1Q25 2Q25 6M24 6M25 6M24 1Q25 2Q24 Total assets VND bn 908,307 927,053 978,799 989,216 1,037,645 908,307 1,037,645 14.2% 4.9% 14.2% Deposits from customers VND bn 495,977 514,467 564,536 569,855 58
Slide 34: 6M25 Financial Highlights (2/3)
00 Appendix 6M25 Financial Highlights (2/3) 6M25 vs 2Q25 vs 2Q25 vs Balance Sheet - Segmentation Unit: 2Q24 3Q24 4Q24 1Q25 2Q25 6M24 6M25 6M24 1Q25 2Q24 Loans to customers VND bn 592,083 626,291 631,725 663,693 710,313 592,083 710,313 20.0% 7.0% 20.0% Retail VND bn 224,827 239,024 258,534 264,884 28
Slide 35: 6M25 Financial Highlights (3/3)
00 Appendix 6M25 Financial Highlights (3/3) 6M25 vs 2Q25 vs 2Q25 vs NFI - Segmentation Unit: 2Q24 3Q24 4Q24 1Q25 2Q25 6M24 6M25 6M24 1Q25 2Q24 Bond business Bond underwriting volume VND bn 9,579 14,990 35,126 7,000 25,500 24,450 32,500 32.9% 264.3% 166.2% Bond distribution volume VND bn 15,778 16,09
Slide 36: Financial metrics formula
00 Appendix Financial metrics formula Indicators Formula 𝑃𝑟𝑜𝑣𝑖𝑠𝑖𝑜𝑛 𝑟𝑒𝑠𝑒𝑟𝑣𝑒𝑠 𝑓𝑜𝑟 𝑙𝑜𝑎𝑛𝑠 𝑡𝑜 𝑐𝑢𝑠𝑡𝑜𝑚𝑒𝑟𝑠 ▪ Excluding provision reserves for margin lending NPL coverage ratio 𝑁𝑃𝐿 𝑏𝑎𝑙𝑎𝑛𝑐𝑒 ▪ NPL balance excludes margin lending 𝐷𝑒𝑚𝑎𝑛𝑑 𝑑𝑒𝑝𝑜𝑠𝑖𝑡𝑠 +…
Slide 37: Financial metrics formula
00 Appendix Financial metrics formula Indicators Formula 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑖𝑛𝑐𝑜𝑚𝑒 𝑓𝑜𝑟 𝑡ℎ𝑒 𝑞𝑢𝑎𝑟𝑡𝑒𝑟 ∗ 4 ▪ Interest earning assets comprise: Balance Asset yields with SBV, Balance at credit institutions, loans 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑑𝑎𝑖𝑙𝑦 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑒𝑎𝑟𝑛𝑖𝑛𝑔 𝑎𝑠𝑠𝑒𝑡𝑠 to…
Slide 38: Glossary
00 Appendix Glossary 1Q, 2Q, 3Q, 4Q Quarter 1, 2, 3, 4 : AUM Assets under management OTT : Overseas telegraphic transfer CAGR : Compounded Annual Growth Rate PAT : Profit after tax CAR : Capital Adequacy Ratio PBT : Profit before tax CASA : Current Accounts and Saving Accounts PMI : Purchasing Manag
Slide 39: Disclaimer
Disclaimer The information in this presentation is being provided as a historical, reference source only and is not being used for, and nothing in this presentation constitutes an offer, invitation or recommendation to sell or issue, or any solicitation of any offer to purchase or subscribe for, sec