Sector report: Banks – Better asset quality, higher valuation

Posted:12/03/2025

  • We expect aggregate earnings of banks under our coverage will accelerate 17.7% and 19.7% YoY over FY25-26F.
  • We prefer CTG, VPB and BID thanks to (i) credit growth benefits from public investment and retail consumptions; (ii) slighter provisioning buffer due to high provisioning in the last few years, and (iii) attractive valuation.
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