VCB – Update – Solid foundation, attractive valuation
Posted: 11/06/2025
- We expect VCB’s net profit in 2025F/2026F to increase by 5.3%/11.5% YoY driven by robust credit growth of 16%/15% YoY, alongside a slight decline in NIM and the recovery in non-interest income.
- Asset quality may deteriorate slightly due to external risks, particularly the imposition of tariffs by the US.
- We recommend ADD on VCB with target price of VND 67.300/share.
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