{"id":16570,"date":"2022-11-02T08:26:40","date_gmt":"2022-11-02T01:26:40","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=16570"},"modified":"2022-11-02T08:26:40","modified_gmt":"2022-11-02T01:26:40","slug":"acb-equity-report_-update-q3-2022-result-resilient-performance","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/acb-equity-report_-update-q3-2022-result-resilient-performance\/","title":{"rendered":"ACB Equity Report_ Update Q3\/2022 Result: Resilient performance"},"content":{"rendered":"<p style=\"text-align: justify\"><strong><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">BUSINESS PERFORMANCE<\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Total credit increased by 11.6%ytd. The bank reported VND13,503 bn PBT in the first 9 months.<\/span><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">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.<\/span><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">The bank invests only in government bonds and has no exposure to corporate bonds. <\/span><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">The NPL ratio increased from 0.76% to 1.02%. The restructured loan slightly declined to over VND11 trn.<\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">COMMENT<\/span><\/strong><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">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.<\/span><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">The provision pressure is quite significant in the upcoming time given VND11trn remaining restructured loan.<\/span><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">We believe that ACB\u2019s business will remain stable without a sudden change given its stubborn strategy. The bank\u2019s no exposure to corporate bonds is a plus point to ensure asset quality is under control.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">We maintain a \u201c<strong>Hold<\/strong>\u201d recommendation for ACB.<\/span><\/p>\n","protected":false},"author":12,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-16570","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>ACB Equity Report_ Update Q3\/2022 Result: Resilient performance - 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\/acb-equity-report_-update-q3-2022-result-resilient-performance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ACB Equity Report_ Update Q3\/2022 Result: Resilient performance - GTJA\" \/>\n<meta property=\"og:description\" content=\"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. 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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. 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