{"id":20606,"date":"2023-11-01T13:56:19","date_gmt":"2023-11-01T06:56:19","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=20606"},"modified":"2023-11-01T13:56:19","modified_gmt":"2023-11-01T06:56:19","slug":"gtjasvn_vcb-equity-report_q3-2023-business-result-update_oct-2023","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vcb-equity-report_q3-2023-business-result-update_oct-2023\/","title":{"rendered":"GTJASVN_VCB Equity Report_Q3.2023 Business Result Update_Oct 2023"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>BUSINESS RESULT UPDATE<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Credit growth in the first 9 months of the bank was only 4%ytd, lower than the sector average growth rate and the lowest among banks.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Net interest margin continued to narrow in the context of preferential interest rate packages and higher COF compared to the previous year.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Non-interest income narrowed due to pressure on reducing service income and other income sources. The bright spot is that income from FX activities continues to increase strongly.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">The bank&#8217;s NPL ratio was also not out of the sector trend, increasing to 1.21% at the end of Q3. However, provision expenses in Q3 and accumulated 9 months decreased sharply by more than 20%.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">At the end of the first 3 quarters, VCB recorded a pre-tax profit of nearly 30,000 billion VND, continuing to lead the banking sector in terms of profits.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>COMMENT<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">VCB is the most effective bank in the SOBs group with the number one position to large corporate customers in Trade finance &#038; international settlement and foreign exchange trading activities.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Possessing a large reserve buffer and a cautious risk appetite, the impact of bad debts arising in a weak economic context on the bank&#8217;s profits has been minimized, helping to maintain profit growth momentum in the first 9 months of the year.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">We value VCB shares at 93,000VND\/share and recommend &#8220;Hold&#8221; in the long-term investment portfolio.<\/span><\/p>\n","protected":false},"author":12,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-20606","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_VCB Equity Report_Q3.2023 Business Result Update_Oct 2023 - 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_vcb-equity-report_q3-2023-business-result-update_oct-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_VCB Equity Report_Q3.2023 Business Result Update_Oct 2023 - GTJA\" \/>\n<meta property=\"og:description\" content=\"BUSINESS RESULT UPDATE Credit growth in the first 9 months of the bank was only 4%ytd, lower than the sector average growth rate and the lowest among banks. Net interest margin continued to narrow in the context of preferential interest rate packages and higher COF compared to the previous year. Non-interest income narrowed due to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vcb-equity-report_q3-2023-business-result-update_oct-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"GTJA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@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_vcb-equity-report_q3-2023-business-result-update_oct-2023\/#webpage\",\"url\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vcb-equity-report_q3-2023-business-result-update_oct-2023\/\",\"name\":\"GTJASVN_VCB Equity Report_Q3.2023 Business Result Update_Oct 2023 - GTJA\",\"isPartOf\":{\"@id\":\"https:\/\/gtjai.com.vn\/#website\"},\"datePublished\":\"2023-11-01T06:56:19+00:00\",\"dateModified\":\"2023-11-01T06:56:19+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vcb-equity-report_q3-2023-business-result-update_oct-2023\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vcb-equity-report_q3-2023-business-result-update_oct-2023\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vcb-equity-report_q3-2023-business-result-update_oct-2023\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/gtjai.com.vn\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GTJASVN_VCB Equity Report_Q3.2023 Business Result Update_Oct 2023\"}]}]}<\/script>","yoast_head_json":{"title":"GTJASVN_VCB Equity Report_Q3.2023 Business Result Update_Oct 2023 - GTJA","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vcb-equity-report_q3-2023-business-result-update_oct-2023\/","og_locale":"en_US","og_type":"article","og_title":"GTJASVN_VCB Equity Report_Q3.2023 Business Result Update_Oct 2023 - GTJA","og_description":"BUSINESS RESULT UPDATE Credit growth in the first 9 months of the bank was only 4%ytd, lower than the sector average growth rate and the lowest among banks. Net interest margin continued to narrow in the context of preferential interest rate packages and higher COF compared to the previous year. Non-interest income narrowed due to [&hellip;]","og_url":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vcb-equity-report_q3-2023-business-result-update_oct-2023\/","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_vcb-equity-report_q3-2023-business-result-update_oct-2023\/#webpage","url":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vcb-equity-report_q3-2023-business-result-update_oct-2023\/","name":"GTJASVN_VCB Equity Report_Q3.2023 Business Result Update_Oct 2023 - GTJA","isPartOf":{"@id":"https:\/\/gtjai.com.vn\/#website"},"datePublished":"2023-11-01T06:56:19+00:00","dateModified":"2023-11-01T06:56:19+00:00","breadcrumb":{"@id":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vcb-equity-report_q3-2023-business-result-update_oct-2023\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vcb-equity-report_q3-2023-business-result-update_oct-2023\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vcb-equity-report_q3-2023-business-result-update_oct-2023\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/gtjai.com.vn\/en\/"},{"@type":"ListItem","position":2,"name":"GTJASVN_VCB Equity Report_Q3.2023 Business Result Update_Oct 2023"}]}]}},"_links":{"self":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/research\/20606\/"}],"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\/12\/"}],"wp:attachment":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/media\/?parent=20606"}],"wp:term":[{"taxonomy":"cate_research","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/cate_research\/?post=20606"},{"taxonomy":"specialized","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/specialized\/?post=20606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}