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TCB - Cashed up B/S primed for H2 ramp up of loans/fees - Earnings Flash

TCB released consolidated results for H1 2018 with a bottom line totalling VND4.1tn (USD180mn, +90% Y-o-Y). Annualized ROAA and ROAE were 2.9% and 19.5%, respectively. PPOP grew 22% Y-o-Y. After VAMC clearance in 2017, TCB’s provision expenses dropped 56% Y-o-Y, its lowest annualized provision expenses to gross loans level since 2015. We do not see changes to our rating in the next update. In H1 2018, results were led by: