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GTJASVN_VPB Equity Report_Update Q1/2023_May

19/05/2023

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Q1/2023 RESULTS
In Q1/2023, VPB recorded credit growth of 4.6%ytd with consolidated banks and 7.1%ytd with parent banks. The parent bank’s pre-tax profit dropped to VND4,100 billion, down 18%yoy (excluding the AIA one-off in 1Q222). Interest income improved thanks to good credit growth while the non-interest income of bank dropped sharply in the context of an unfavorable market. Additionally, FE Credit’s business continued to face difficulties, causing the bank’s consolidated profit to drop sharply.
VPB has now closed the deal to sell 15% of its capital to SMBC and hopes to complete the deal in the third quarter of this year.
The bank plans to pay dividends in 2022 in cash, a ratio of 10%. It would be implemented in 2023.
COMMENT
Currently, VPB targets its strategy as a multi-sector group like MBB with its banking-security-insurance ecosystem (VPBank, FE Credit, VPBank Securities and OPES insurance). 2 new business segments are in the foundation stage, in the context of the unfavorable market. Meanwhile, this year, the parent bank’s business was strongly supported by its solid capital base after the partial divestment of Fe Credit and private placement to foreign partners. The business plan with 33% credit growth this year is quite ambitious in the context of the industry’s credit still facing many obstacles, especially the gloomy real estate environment and lower-than-expected economic growth. On the other hand, the improved capital buffer and participation in the restructuring of weak credit institutions are the factors that help the bank to receive high credit limits. Given the current more favorable interest rate environment and the strengthening capital buffer, we believe the bank’s NIM to be flat compared to Q1’s base.

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