{"id":20259,"date":"2023-08-11T08:34:50","date_gmt":"2023-08-11T01:34:50","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&p=20259"},"modified":"2023-08-14T08:43:08","modified_gmt":"2023-08-14T01:43:08","slug":"gtjasvn_stb-equity-report_1h-result-update_aug-2023_en","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_stb-equity-report_1h-result-update_aug-2023_en\/","title":{"rendered":"GTJASVN_STB Equity Report_1H Result Update_Aug 2023_en"},"content":{"rendered":"

1H2023 RESULT UPDATES<\/strong><\/span><\/p>\n

At the end of the first half of 2023, STB recorded outstanding business results compared to the sector average.<\/span><\/p>\n

The bank’s outstanding loans only increased by 5%ytd, however, the bank’s interest income hiked with the sharp increase in NIM, from 3.7% at the end of Q1 to 4.2% at the end of Q2. NII increased by 121%yoy in quarter 2 and by 82%yoy in the first half of the year, reaching VND 11,588 billion.<\/span><\/p>\n

However, non-interest income recorded a sharp decline, as a result of poor performance from both services and other activities.<\/span><\/p>\n

During the period, the bank incurred more bad debts due to the unfavorable general market context.<\/span><\/p>\n

The provision expense in the period dropped sharply by 35% thanks to the relief from the pressure of provisioning for VAMC debt, helping the bank’s PBT in the first half of the year increase by 63% yoy, equivalent to over 50% of the bank’s business plan in 2023.<\/span><\/p>\n

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

The bank’s business results in the first period of 2023 improved strongly thanks to the release of earning assets and more efficient lending.<\/span><\/p>\n

Currently, it is almost certain that STB will complete the restructuring of VAMC’s bad debt this year. We expect the bank’s business to improve strongly in the long term.<\/span><\/p>\n

We reiterate<\/strong> our “Buy<\/strong>” recommendation on STB with the targeted price of VND40,000\/share<\/strong>, corresponding to the expected return of 30%. (the STB initial report)<\/a><\/span><\/p>\n","protected":false},"author":12,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-20259","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"GTJASVN_STB Equity Report_1H Result Update_Aug 2023_en - 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_stb-equity-report_1h-result-update_aug-2023_en\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_STB Equity Report_1H Result Update_Aug 2023_en - GTJA\" \/>\n<meta property=\"og:description\" content=\"1H2023 RESULT UPDATES At the end of the first half of 2023, STB recorded outstanding business results compared to the sector average. 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