{"id":16534,"date":"2022-10-31T08:11:48","date_gmt":"2022-10-31T01:11:48","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&p=16534"},"modified":"2022-10-31T08:11:48","modified_gmt":"2022-10-31T01:11:48","slug":"vib-equity-report_update-q3-2022-results","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/vib-equity-report_update-q3-2022-results\/","title":{"rendered":"VIB Equity Report_Update Q3\/2022 Results"},"content":{"rendered":"

BUSINESS PERFORMANCE<\/span><\/strong><\/p>\n

PBT continues to grow compared to the 2 previous quarters. PBT in Q3 increased 49%yoy.<\/span>
\nCredit growth was recorded at 11%ytd, derived from a rapid expansion in mortgage which increased 22.3%ytd.<\/span>
\nNIM stays intact at 4.5%, equivalent to the Q2 level, making VIB among the few banks to maintain NIM in Q3 despite the headwinds in the interest rate hikes environment.<\/span>
\nBanking management is still doing well with NPL being under 2%, and declining restructured loans while CAR was stable at 12.4%.<\/span><\/p>\n

COMMENT<\/span><\/strong><\/p>\n

The bank is stubborn in engaging in retail banking and digitalization. Following that, the credit card spending\/people of VIB stayed highest in the banking system. Digitalization and dynamic card products help the bank to rapidly expand service fees while improving cost management (lower CIR).<\/span>
\nThe impact of the recent corporate bond events is not material to VIB thanks to the consistent strategy focusing on retail banking with a retail lending book proportion of 90%.<\/span>
\nVIB now is having around 1% remaining credit room to tap the 13% limits. The bank would likely achieve the business plan this year with a PBT of around VND10,500 bn. <\/span><\/p>\n

We recommend \u201coutperform\u201d with VIB stock. <\/span><\/p>\n","protected":false},"author":12,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-16534","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"VIB Equity Report_Update Q3\/2022 Results - 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\/vib-equity-report_update-q3-2022-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VIB Equity Report_Update Q3\/2022 Results - GTJA\" \/>\n<meta property=\"og:description\" content=\"BUSINESS PERFORMANCE PBT continues to grow compared to the 2 previous quarters. PBT in Q3 increased 49%yoy. 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PBT in Q3 increased 49%yoy. Credit growth was recorded at 11%ytd, derived from a rapid expansion in mortgage which increased 22.3%ytd. 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