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TPB - Good Q1 2018 improves position in peer group - Earnings Flash

TPB released results for Q1 2018 with a bottom line of VND513bn (USD23mn, +138% Y-o-Y and +104% Q-o-Q) with ROA and ROE at 1.7% and 29.4%, respectively. The results were driven by: Net interest income (NII) increased 52.3% Y-o-Y with a NIM of 3.3% (vs FY2017 at 3.0%). NII contributed 78.5% to TOI. Net fee income (NFI) increased 168.3% Y-o-Y to VND75bn (USD3.3mn), contributing 6.3% to TOI. Income from investment securities grew 70% YoY to VND174bn (USD7.7mn), contributing 14.7% to TOI.