58 slides from Vietnam Technological & Commercial Joint Stock Bank's earnings presentation, Apr 22, 2026
Slide 1: Techcombank 1Q26 Earnings Call
Techcombank 1Q26 Earnings Call Hanoi, Apr 22, 2026 1
Slide 2: Highlights, Economic Update, Financial Results, 2026 Outlook
Section Section 01 Highlights 02 Economic Update Section Section 03 Financial Results 04 2026 Outlook 2
Slide 3: Highlights
1Q26 Earnings Call Section 01 Highlights 3
Slide 4: Double-Digit Earnings Growth Underpinned by Healthy Asset Quality
01 Highlights Double-Digit Earnings Growth Underpinned by Healthy Asset Quality Resilient Q1 performance across key metrics Sustained balance sheet strength 1Q26 2.9% YTD Credit growth1 TOI (VND) 13.7 Tn vs. 3.8% in 1Q25 129.3% Coverage ratio TOI YoY growth 17.8% Asset Quality 1.16% vs. 111.4% in 1Q
Slide 5: Economic Update
1Q26 Earnings Call Section 02 Economic Update 5
Slide 6: Macroeconomic and Industry Updates
Macroeconomic and Industry Updates 02 Economic Update Cautious credit growth target as SBV maintained Resilient GDP growth in 1Q26 despite geopolitical headwinds a prudent stance to manage risks 3.18% YTD 7.8% Banking system’s credit growth 1Q26 GDP growth rate vs. 3.9% in 1Q25 vs. 6.9% in 1Q25 0.55
Slide 7: Financial Results
1Q26 Earnings Call Section 03 Financial Results 7
Slide 8: Foundational Strength Delivering Sustained Double-Digit Profit Growth
03 Financial Results Foundational Strength Delivering Sustained Double-Digit Profit Growth ▪ PBT grew by 22.6% from strong top-line performance, with both NII and NFI delivering double-digit growth ✓ 20.0% YoY credit expansion lifted NII by 14.6% despite system-wide NIM compression ✓ NFI surged 46.7
Slide 9: Wealth Bank: Structural Expansion Continues Despite Short-term Headwinds
Financial Results Wealth Bank: Structural Expansion Continues Despite Short-term Headwinds ▪ Wealth Bank extended growth trajectory in both AUM and affluent client base with growing market share in bond advisory and equity brokerage ▪ 1Q26 TOI QoQ moderation is attributable to temporary distribution
Slide 10: Digital Bank: Strong Engagement Driving Structural Operating Efficiency
Financial Results Digital Bank: Strong Engagement Driving Structural Operating Efficiency ▪ Digital Banking remains a game changer, benefitting from sustained growth in transaction volumes and customer acquisition ▪ Monetization improved significantly YoY, reinforced by material operating efficiency
Slide 11: Stable Asset Base Amidst Funding Cost Pressures
Stable Asset Base Amidst Funding Cost Pressures 03 Financial Results ▪ The intense deposit pricing competition pushed rates up and put pressure on NIM (in addition to temporary effects in 1Q26) ▪ NIM trend should be favorable from 2Q26, and be further supported, from a profit perspective, by the acc
Slide 12: Resilient Credit Growth Led by Retail Expansion
03 Financial Results Resilient Credit Growth Led by Retail Expansion ▪ Consolidated credit expanded 20.0% YoY and 3.6% QoQ, driven by stronger disbursements towards retail portfolios ▪ Medium and long-term loans increased a bit faster than short-term loans, driven by infrastructure and mortgage disb
Slide 13: Continued Progress in Credit Portfolio Diversification
03 Financial Results Continued Progress in Credit Portfolio Diversification ▪ Portfolio diversification showed good progress, with real-estate exposure reducing to below 30% of the total credit book for the first time ▪ Retail and SME credit outgrew corporate credit, on the back of sustained momentu
Slide 14: Solid Mortgage Disbursement Supported by Underlying Housing Demand
Solid Mortgage Disbursement Supported by Underlying Housing Demand 03 Financial Results Techcombank Mortgage Prepayment & Disbursement (VND Tn) ▪ Techcombank's 1Q26 mortgage disbursements continued to show strong momentum, reaching VND 30.6Tn (up 52.7% YoY) Pre-payment (VND Tn) led by primary mortga
Slide 15: Structural Strength in Retail Deposits Drives Funding Efficiency
Structural Strength in Retail Deposits Drives Funding Efficiency 03 Financial Results ▪ CASA ratio softened a bit due to higher-rate environment, yet continued to lead the market with an encouraging progression in corporate segment ▪ Retail CASA movements were consistent with market-wide patterns, a
Slide 16: Insurance Services Emerge as a Key Growth Driver of Fee Income
Insurance Services Emerge as a Key Growth Driver of Fee Income 03 Financial Results ▪ Fee income grew 46.7% YoY on the back of outstanding performance across insurance, FX sales, L/C, cash and settlement – marking the highest quarterly fee income on record ▪ Insurance fees more than doubled YoY, ref
Slide 17: Techcom Life: A New Leader in Vietnam's Life Insurance Landscape
03 Financial Results Techcom Life: A New Leader in Vietnam’s Life Insurance Landscape Techcom Life was built on a simple but strong vision... We saw strong update from Day One... • Industry-leading products delivering tangible value #1 Bancassurance with 21% market share (5% higher than the second-l
Slide 18: Sustained Cost Efficiency with CIR Below 30%
Sustained Cost Efficiency with CIR Below 30% 03 Financial Results ▪ OPEX declined 19.8% QoQ, driving an improvement in the CIR to 28.3% and underscoring the Bank’s continued cost efficiency and operational discipline 1Q26 vs 1Q26 vs Operating expenses (VND Bn) 1Q25 4Q25 28.3% 30.1% 31.5% 32.6% 28.3%
Slide 19: Sound Asset Quality Metrics In Line With Conservative Risk Appetite
03 Financial Results Sound Asset Quality Metrics In Line With Conservative Risk Appetite ▪ NPL inched up slightly to 1.16% in 1Q26, while organic NPL stayed stable at ~1% ▪ Credit cost (net of recoveries) remained at 0.4%, well below industry average ▪ Coverage ratio improved to c.130%, underpinned
Slide 20: Credit Cost Deep-dive
03 Financial Results Credit Cost Deep-dive ▪ Asset quality remains well controlled, with seasonal early-stage B2 CIC impacts risks closely monitored and specific provisions proactively built, Own book supporting stable NPL outcomes within guidance 24 3,875 9 (501) 1,047 15 ▪ Looking forward, asset q
Slide 21: Capital and Liquidity Strength Enable Sustainable Scaling
03 Financial Results Capital and Liquidity Strength Enable Sustainable Scaling ▪ CAR improved to 15.2% driven by the Bank’s efforts in optimizing risk weighted asset structure ▪ LDR stood at 80.5%, well below the 85% regulatory limit of the SBV, preserving balance-sheet flexibility Capital Adequacy
Slide 22: Differentiated Operating Metrics Relative to Peers
TCB 03 Financial Results Differentiated Operating Metrics Relative to Peers Industry median1 CASA CIR (LTM) 40% 42% 39% 39% 41% 39% 41% 43% 40% 38% 38% 38% 38% 32% 35% 34% 34% 34% 34% 34% 35% 35% 35% 35% 33% 35% 17% 17% 17% 16% 16% 16% 15% 14% 14% 17% 17% 15% 33% 34% 33% 33% 33% 34% 31% 31% 33% 31%
Slide 23: 2026 Outlook
1Q26 Earnings Call Section 04 2026 Outlook 23
Slide 24: GDP growth forecasts for FY26
04 FY26 Outlook GDP growth forecasts for FY26 Real Vietnam & World GDP We revise our post–Iran war base-case GDP growth forecast (Real GDP growth indexed to 100% in 2019, YoY growth each year) to 7%, reflecting the adverse spillovers from higher oil prices including: (i) weaker exports and manufactu
Slide 25: FY26: Strongly Positioned to Leverage Economic Trends
FY26: Strongly Positioned to Leverage Economic Trends 04 FY26 Outlook FY25 1Q26 FY26 Improved Unchanged Deteriorated Indicators Actual Actual Outlook1 Commentary Credit growth2 A strong quota is expected (given business performance and asset quality), 18.4 2.9 Quota although it will ultimately depen
Slide 26: FY26 Guidance (subject to AGM approval)
04 FY26 Outlook FY26 Guidance (subject to AGM approval) ▪ The Bank presented to the Annual General Meeting of Shareholders two scenarios for the 2026 business plan, in order to take into account the uncertainties of the geopolitical environment ▪ As of the date of the publication of this report, the
Slide 27: Thank you. Contacts
1Q26 Earnings Call Thank you. C o n t acts Techcombank Hanoi Head Office 06 Quang Trung str., Cua Nam wd., Hanoi ir@techcombank.com.vn
Slide 28: Appendix
1Q26 Earnings Call Appendix 28
Slide 29: 1Q26 – Asset book health
00 Appendix 1Q26 – Asset book health ▪ Average LTV inched up slightly to 46.6%, in line with the Bank’s risk appetite ▪ Interest receivables/IEA maintained at ~1.0% Average LTV for secured loans (%) Interest receivables/IEA (%) 49.9% 51.2% 49.9% 0.99% 0.98% 46.6% 0.95% 0.93% 44.7% 0.90% 1Q25 2Q25 3Q
Slide 30: 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 ▪ The number of retail customers choosing Techcombank as Main Transaction Bank reached 35% of total new-to-bank retail customers Number of Retail E-banking customers1 (Mn, EOP
Slide 31: TCB 1Q26 Financial Highlights (1/3)
00 Appendix TCB 1Q26 Financial Highlights (1/3) 3M26 vs 1Q26 vs 1Q26 vs Balance Sheet Unit: 1Q25 2Q25 3Q25 4Q25 1Q26 3M25 3M26 3M25 4Q25 1Q25 Total assets VND bn 989,216 1,037,645 1,129,570 1,192,344 1,190,454 989,216 1,190,454 20.3% -0.2% 20.3% Deposits from customers VND bn 569,855 589,078 638,453
Slide 32: TCB 1Q26 Financial Highlights (2/3)
00 Appendix TCB 1Q26 Financial Highlights (2/3) 3M26 vs 1Q26 vs 1Q26 vs Balance Sheet - Segmentation Unit: 1Q25 2Q25 3Q25 4Q25 1Q26 3M25 3M26 3M25 4Q25 1Q25 Loans to customers VND bn 663,693 710,313 766,710 767,617 796,864 663,693 796,864 20.1% 3.8% 20.1% Retail VND bn 266,693 283,777 301,802 329,57
Slide 33: TCB 1Q26 Financial Highlights (3/3)
00 Appendix TCB 1Q26 Financial Highlights (3/3) 3M26 vs 1Q26 vs 1Q26 vs NFI - Segmentation Unit: 1Q25 2Q25 3Q25 4Q25 1Q26 3M25 3M26 3M25 4Q25 1Q25 Bond business Bond issuance value VND bn 7,000 25,500 21,384 32,008 28,296 7,000 28,296 304.2% -11.6% 304.2% Bond distribution value VND bn 20,747 24,083
Slide 34: 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 excludes margin lending 𝑁𝑃𝐿 𝑏𝑎𝑙𝑎𝑛𝑐𝑒 𝐷𝑒𝑚𝑎𝑛𝑑 𝑑𝑒𝑝𝑜𝑠𝑖𝑡𝑠 +…
Slide 35: 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 36: 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 37: 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
Slide 38: 1Q2026 Earnings Call (TCBS)
1Q2026 Earnings Call Hanoi, April 22, 2026 TCB Internal Document
Slide 39: Key highlights, Macro & Capital market update, Business performance, 2026 outlook
01 02 03 04 Key highlights Macro & Capital Business 2026 outlook market update performance 39 TCB Internal Document
Slide 40: Resilient earnings and reinforced market leadership
Resilient earnings and reinforced market leadership 01 Key highlights Total revenue ROA #1 #1 VND 2,783 billion 7.8% Bond issuance advisory Margin lending ▲ 37% YoY ▲ 0.2% YoY 86% market share Profit before tax ROE #3 #2 VND 1,458 billion 15.4% 8.9% market share 9.5% market share ▲ 11% YoY ▲ 0.1% Yo
Slide 41: Macro & Capital market update
02 Macro & Capital market update TCB Internal Document
Slide 42: Solid macro backdrop unlocks next-phase opportunities across capital markets
Solid macro backdrop unlocks next-phase opportunities across 02 Macro & Capital market update capital markets MACRO CAPITAL MARKET YoY GDP growth YoY CPI growth VN-Index Q1 equity trading value Q1 new accounts ▲ 7.83% ▲ 3.51% 1,674.5 VND 1,995tn 788,500 vs. 7.07% in 1Q25 ▼ 6% vs. Dec 2025 ▲ 90% YoY
Slide 43: Business performance
03 Business performance TCB Internal Document
Slide 44: Earnings resilience amid market volatility
1. Earnings resilience amid market volatility 03 Business performance • Net operating income increased 24% YoY, primarily driven by margin lending, which contributed 52% of total net operating income. • Profit before tax rose 11% YoY, with the slower growth relative to net income attributable to hig
Slide 45: Sustained leadership in corporate bond issuance advisory
1.1. Sustained leadership in corporate bond issuance advisory 03 Business performance • #1 market position sustained for nine consecutive years (2017–1Q2026). • Issuance volume reached VND 28 trillion in 1Q26, with net income from this segment contributing 22% of net operating income. Corporate bond
Slide 46: Bond distribution spread eased to support volume amid elevated interest rates
1.2. Bond distribution spread eased to support volume amid 03 Business performance elevated interest rates • Wealth distribution totaled VND 25.4 trillion in 1Q26. • Fundmart maintained leadership with 55% market NAV and 31 funds onboarded. • TCBS is the first firm to establish direct online connect
Slide 47: Brokerage and margin lending maintain strong momentum
1.3. Brokerage and margin lending maintain strong momentum 03 Business performance • Maintained a Top 3 brokerage position on HOSE with 8.9% market share, and Top 2 on HNX at 9.5%. • Expanded institutional offerings with Dark Pool, Bloomberg order placement, and algorithmic trading. HOSE market shar
Slide 48: Ongoing AI and tech investments to drive business growth
2. Ongoing AI and tech investments to drive business growth 03 Business performance • TCBS is targeting a full transition to an “AI Native” enterprise, with lean units and Agentic AI integrated across all business functions. Cost efficiency and OPEX YoY QoQ PBT per employee % and VND billion VND bil
Slide 49: Diversified funding and disciplined balance sheet support business growth
3. Diversified funding and disciplined balance sheet support 03 Business performance business growth through volatility Asset mix YoY QoQ Profitability trend (ROE & ROA) VND trillion % +57% +10% 16.7% 89 15.8% 82 81 15.3% 15.1% 15.4% 65 +47% +2% ROE 56 42 45 44 34 +99% +28% Margin lending 30 27 25 3
Slide 50: Industry recognition across AI innovation and capital markets
4. Industry recognition across AI innovation 03 Business performance and capital markets Best Financial AI Project in Vietnam TCInvest GenAI project Best IPO in Vietnam Best Syndicated Loan Techcom Securities Securities Sector 50 50 TCB Internal Document
Slide 51: 2026 Outlook
04 2026 Outlook TCB Internal Document
Slide 52: FY26: Earnings growth sustained by a diversified business model
FY26: Earnings growth sustained by a diversified business model 04 2026 Outlook despite a softer market backdrop Total revenue Profit before tax FY 2026 target 1Q2026 FY 2026 target 1Q2026 VND 13,227 billion 21% plan VND 7,535 billion 19% plan ▲ 26% vs. 2025 actual1 ▲ 18% vs. 2025 actual1 Segment 20
Slide 53: Appendix
Appendix TCB Internal Document
Slide 54: 1Q2026 key financial highlights
1Q2026 key financial highlights 1Q26 4Q25 1Q25 QoQ YoY Income Statement (Key metrics, VND billion) Total Revenue 2,783 3,365 2,028 -17% 37% Net Operating Income 2,351 2,901 1,901 -19% 24% Brokerage & Custody 85 89 73 -4% 17% Margin Lending & Advances on Sale Proceeds 1,211 1,119 718 8% 69% Investmen
Slide 55: 1Q2026 key financial highlights
1Q2026 key financial highlights March 31, 2026 December 31, 2025 March 31, 2025 QoQ YoY Balance Sheet (Key metrics, VND billion) Total Assets 88,665 80,632 56,330 10% 57% Cash & Cash Equivalents 5,493 3,108 2,310 77% 138% Held-to-Maturity Investments (HTM) 1,406 3,657 2,854 -62% -51% Loans 44,754 43
Slide 56: Formula for calculating financial indicators
Formula for calculating financial indicators INDICES FORMULAS ROA (LTM) PAT (last 4 consecutive quarters) ÷ Average total assets (5 most recent quarters) ROE (LTM) PAT post-NCI (last 4 consecutive quarters) ÷ Average equity excl. NCI (5 most recent quarters) CIR (LTM) (Operating expenses1 + Manageme
Slide 57: 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
Slide 58: Thank you
1Q2026 Earnings call Thank you In v e stor Re la t io ns TechcomSecurities 6 Quang Trung Street, Cua Nam, Hanoi, Vietnam Website: www.tcbs.com.vn Email: tcbs_ir@tcbs.com.vn TCB Internal Document