Research Center

ACB Equity Report_ Update Q3/2022 Result: Resilient performance

02/11/2022

Share:

BUSINESS PERFORMANCE

Total credit increased by 11.6%ytd. The bank reported VND13,503 bn PBT in the first 9 months.
NIM was slightly up to 4.1% from 4.0% in Q2 thanks to well cost control, making NII higher. On the other hand, non-interest income growth was weaker.
The bank invests only in government bonds and has no exposure to corporate bonds.
The NPL ratio increased from 0.76% to 1.02%. The restructured loan slightly declined to over VND11 trn.

COMMENT
The bank managed cost to lending well in the first 9 months, illustrated in higher NIM. Following that strategy, LDR was quite high at 83% (SBV limits at 85%) as lending growth was 3 times of deposit growth.
The provision pressure is quite significant in the upcoming time given VND11trn remaining restructured loan.
We believe that ACB’s business will remain stable without a sudden change given its stubborn strategy. The bank’s no exposure to corporate bonds is a plus point to ensure asset quality is under control.

We maintain a “Hold” recommendation for ACB.

Danh sách báo cáo liên quan

(EN) GTJASVN_Sector Report_Port & Maritime Transport_Positive_21.3.2025_Eng ver

24/03/2025

(EN) GTJASVN_Sector Report_Port & Maritime Transport_Positive_21.3.2025_Eng ver

GTJAS_Sector Report_Residential Real Estate Report_2025 Outlook_Mild recovery_26Feb2024

27/02/2025

2025 OUTLOOK The completion of the legal framework governing the real estate sector, marked by the introduction of three amended laws, has played a pivotal...

GTJASVN_HAH Equity Report_Buy Upside 16.7%__19.02.2025

19/02/2025

INVESTMENT THESIS 1.HAH continuously upgrades its fleet capacity to 26,500 TEU (+50.03% YoY) while maintaining its leading market share (30%) in the container...

Contact

    • Stock index
    • VNINDEX: 1322.16   4.83   (0.37%)
    • HNX: 238.31   1.9   (0.8%)