//= get_template_directory_uri() ?>
KEY NOTES
Credit growth touched the limit from early Q2 with total economy credit growth of 9.35%ytd. New credit room is expected at the end of Q3/ early Q4 that will ensure the full year growth of 14%-15%.
Rising funding cost due to higher interest rate. NIM of large banks witnessed a downward trend while small-medium-scale banks recorded upward NIM thanks to good cost controlling in 1H. We expect sector’s NIM to be stable in 2H given banks’ active measure in restructuring lending portfolio and diversifying funding sources.
The listed banks recorded 32% growth in PBT in 1H. We can see a skyrocketed growth this quarter given the low base income in Q3 last year. Therefore, despite some headwind, banks may continue to experience good growth in 2H (25%-30%yoy).
Non-performing loan is well controlled and believed to stable in 2H.
Looking for investment opportunities in banking stocks, we maintain the “BUY” recommendation for MBB, BID, VPB given their good growing momentum and attractive capital raising plan.
31/07/2025
GTJASVN_ACB Equity Report_Business Results Update_Accumulate Recommendation_25.500VND_29.7.2025 UPDATE ON BUSINESS OPERATIONS Credit increased 9.1% YTD,...
21/07/2025
https://gtjai.com.vn/wp-content/uploads/2025/07/EN-GTJASVN_Flash-Note_Circular-142025-on-CAR_21.7.2025.pdf Circular 14/2025/TT-NHNN Marks a Strategic Step...
16/07/2025
GTJASVN_TCBS Equity Report – Pre-IPO Update (EN) The upcoming TCBS IPO, slated for late 2025 to early 2026, has attracted strong investor interest...