{"id":13011,"date":"2022-04-26T09:45:55","date_gmt":"2022-04-26T02:45:55","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=13011"},"modified":"2022-04-26T09:45:55","modified_gmt":"2022-04-26T02:45:55","slug":"gtjasvn_vpb-equity-report_analyst-meeting-update_apr2022","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_analyst-meeting-update_apr2022\/","title":{"rendered":"GTJASVN_VPB Equity Report_Analyst Meeting Update_Apr2022"},"content":{"rendered":"<p style=\"text-align: center\"><span style=\"font-size: 16px\"><strong><span style=\"font-family: arial, helvetica, sans-serif\">Analyst Meeting Update_Business results Q1\/2022<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14px\"><strong><span style=\"font-family: arial, helvetica, sans-serif\">Q1\/2022 Result Updates<\/span><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Skyrocketed PBT in Q1 thanks to huge amount of upfront fee. PBT tripled in Q1, reaching VND11,146 bn. Credit growth was recorded at 8.6%ytd, in line with sector momentum.<\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Despite higher COF due to increasing interest rate, NIM of the bank improved qoq to 8.6% thanks to good credit growth and restructured loan payment. Separate bank\u2019s NII climbed 29.7%yoy and 16.4%qoq.<\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Asset quality is in control despite separate bank\u2019s NPL ratio was slightly up to 1.64%. Restructured loan decreased by VND3,000 bn. CAR is over 15%.<\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">The bank has no exposure in Tan Hoang Minh.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify\"><span style=\"font-size: 14px\"><strong><span style=\"font-family: arial, helvetica, sans-serif\">EVALUATION<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">There is large growing room in PBT: PBT of the bank stayed intact compared to the same period last year if excluding upfront fee from AIA (estimated VND6,500 bn). However, we believe that the bank has many strong factors to improve PBT in the upcoming quarters. FE Credit is still the good earnings source for the bank if it recovers (PBT in Q1 was only VND600-700 bn, lower than last year period). In addition, the bank\u2019s growing momentum would be well over the long term, underpinned by banca and securities segments.<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-13011","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_VPB Equity Report_Analyst Meeting Update_Apr2022 - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_analyst-meeting-update_apr2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_VPB Equity Report_Analyst Meeting Update_Apr2022 - GTJA\" \/>\n<meta property=\"og:description\" content=\"Analyst Meeting Update_Business results Q1\/2022 Q1\/2022 Result Updates Skyrocketed PBT in Q1 thanks to huge amount of upfront fee. PBT tripled in Q1, reaching VND11,146 bn. Credit growth was recorded at 8.6%ytd, in line with sector momentum. 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PBT tripled in Q1, reaching VND11,146 bn. Credit growth was recorded at 8.6%ytd, in line with sector momentum. Despite higher COF due to increasing interest rate, NIM of the bank improved qoq to 8.6% thanks to [&hellip;]","og_url":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_analyst-meeting-update_apr2022\/","og_site_name":"GTJA","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/gtjai.com.vn\/#website","url":"https:\/\/gtjai.com.vn\/","name":"GTJA","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/gtjai.com.vn\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_analyst-meeting-update_apr2022\/#webpage","url":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_analyst-meeting-update_apr2022\/","name":"GTJASVN_VPB Equity Report_Analyst Meeting Update_Apr2022 - GTJA","isPartOf":{"@id":"https:\/\/gtjai.com.vn\/#website"},"datePublished":"2022-04-26T02:45:55+00:00","dateModified":"2022-04-26T02:45:55+00:00","breadcrumb":{"@id":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_analyst-meeting-update_apr2022\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_analyst-meeting-update_apr2022\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_analyst-meeting-update_apr2022\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/gtjai.com.vn\/en\/"},{"@type":"ListItem","position":2,"name":"GTJASVN_VPB Equity Report_Analyst Meeting Update_Apr2022"}]}]}},"_links":{"self":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/research\/13011\/"}],"collection":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/research\/"}],"about":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/types\/research\/"}],"author":[{"embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/users\/1\/"}],"wp:attachment":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/media\/?parent=13011"}],"wp:term":[{"taxonomy":"cate_research","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/cate_research\/?post=13011"},{"taxonomy":"specialized","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/specialized\/?post=13011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}