Published Date: 20/08/2024
- 2Q2024 and 6M2024 PAT decreased by 28.6% YoY and 18.4% YoY, respectively, due to a decline in net interest income (-31,4%) and a significant increase in provisioning expenses (35.8%).
- End of 2Q2024 asset quality improved slightly QoQ but still declined YoY despite active provisioning in the first two quarters.
- We maintain HOLD recommendation for VIB and reduce target price to 20,800 VND/share due to less-than-expected business results in 6M2024
