1H Performance
In 1H2022, VIB reported VND5,023 bn PBT, +27%yoy. NII increased 26%yoy while service income increased by 14%yoy.
The bank lending book grew 9.7%ytd in 1H while customer deposits were maintained well with ytd growth of 13.97%.
VIB continues to stand as the most effective bank in the system in terms of ROE at 30%, stable compared to the 2 latest quarters. Meanwhile, NIM was up to 4.5% from 4.4% and OPEX increased slowly with the CIR ratio decreasing in 1H.

COMMENTS

VIB maintained its momentum in 1H2022. However, profit would be hit in the 2nd haft due to the higher deposit rate and its relatively weaker CASA position. NIM may fall between the 4.3%-4.5% range at the end of the year.
We believe that the bank can get at least 15% credit growth this year and PBT fulfills the target of VND10,000bn, +30%yoy.
In the market, VIB stock is expected to attract more investment from investors and funds since it will officially be in the VN30 basket from August.