TCB – Update – Infrastructure projects add a new growth driver
Posted: Sep 23, 2026
- Lending to mega infrastructure projects should add a growth driver for TCB over the next 1-2 years, helping the bank diversify its loan book while creating an edge in financing the real estate projects that ride on these developments;
- Rising NPL pressure comes mainly from mortgage loans in the retail segment, while corporate credit remains the key growth driver, helping the credit cost ratio decline YoY in 1H26;
- We maintain our ADD rating with a new target price of VND44,300/share We cut our target P/B to 1.6x in line with the sector-wide adjustment in a high interest rate environment.
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