{"id":32843,"date":"2025-08-08T15:06:49","date_gmt":"2025-08-08T08:06:49","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=32843"},"modified":"2025-08-28T15:07:13","modified_gmt":"2025-08-28T08:07:13","slug":"gtjasvn_vpb-equity-report_q2-2025-earning-updates_aug2025","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_q2-2025-earning-updates_aug2025\/","title":{"rendered":"GTJASVN_VPB-Equity-Report_Q2.2025-Earning-Updates_Aug2025"},"content":{"rendered":"<p><span style=\"font-family: helvetica, arial, sans-serif\">UPDATE ON BUSINESS OPERATIONS<\/span><br \/>\n<span style=\"font-family: helvetica, arial, sans-serif\">In Q2 2025, VPBank delivered robust results, with 1H pre\u2010tax profit of VND 11,229 billion\u2014a 29.5% YoY increase\u2014driven by strong credit growth and lower provisioning charges. Consolidated loans reached VND 842,354 billion (+18.6% YTD), the highest in the sector, led by secured retail mortgage and SME lending, which effectively mitigated credit risk. Deposits also expanded sharply (+23.8% YTD), with CASA up 39.5% YoY\u2014approaching VND 100 trillion for the first time\u2014helping to reduce funding costs. Although NIM compressed to 5.45% due to a shift toward lower\u2010risk lending segments, VPBank still ranks among the top banks for NIM on a consolidated basis. Asset quality improved markedly, with the NPL ratio falling to 3.97%, while an LDR of 80.2% indicates substantial room for further loan growth in H2, especially amid expectations of loosened credit quotas in a more accommodative monetary policy environment.<\/span><br \/>\n<span style=\"font-family: helvetica, arial, sans-serif\">ASSESSMENT<\/span><br \/>\n<span style=\"font-family: helvetica, arial, sans-serif\">We maintain a WATCHLIST recommendation on VPB shares following its sharp 74.9% rally over the past three months, and we commend the bank\u2019s effective \u201ccontrolled\u2010growth\u201d strategy. As industry\u2010wide credit enters a recovery cycle, VPBank stands out for its disciplined loan expansion, strong CASA growth, solid asset quality, and robust capital\u2010and\u2010liquidity position\u2014key foundations for sustainable profit growth over the medium to long term.<\/span><\/p>\n","protected":false},"author":31,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-32843","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_VPB-Equity-Report_Q2.2025-Earning-Updates_Aug2025 - 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_q2-2025-earning-updates_aug2025\/\" \/>\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_Q2.2025-Earning-Updates_Aug2025 - GTJA\" \/>\n<meta property=\"og:description\" content=\"UPDATE ON BUSINESS OPERATIONS In Q2 2025, VPBank delivered robust results, with 1H pre\u2010tax profit of VND 11,229 billion\u2014a 29.5% YoY increase\u2014driven by strong credit growth and lower provisioning charges. Consolidated loans reached VND 842,354 billion (+18.6% YTD), the highest in the sector, led by secured retail mortgage and SME lending, which effectively mitigated credit [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_q2-2025-earning-updates_aug2025\/\" \/>\n<meta property=\"og:site_name\" content=\"GTJA\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-28T08:07:13+00:00\" \/>\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_vpb-equity-report_q2-2025-earning-updates_aug2025\/#webpage\",\"url\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_q2-2025-earning-updates_aug2025\/\",\"name\":\"GTJASVN_VPB-Equity-Report_Q2.2025-Earning-Updates_Aug2025 - GTJA\",\"isPartOf\":{\"@id\":\"https:\/\/gtjai.com.vn\/#website\"},\"datePublished\":\"2025-08-08T08:06:49+00:00\",\"dateModified\":\"2025-08-28T08:07:13+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_q2-2025-earning-updates_aug2025\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_q2-2025-earning-updates_aug2025\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_q2-2025-earning-updates_aug2025\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/gtjai.com.vn\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GTJASVN_VPB-Equity-Report_Q2.2025-Earning-Updates_Aug2025\"}]}]}<\/script>","yoast_head_json":{"title":"GTJASVN_VPB-Equity-Report_Q2.2025-Earning-Updates_Aug2025 - 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_vpb-equity-report_q2-2025-earning-updates_aug2025\/","og_locale":"en_US","og_type":"article","og_title":"GTJASVN_VPB-Equity-Report_Q2.2025-Earning-Updates_Aug2025 - GTJA","og_description":"UPDATE ON BUSINESS OPERATIONS In Q2 2025, VPBank delivered robust results, with 1H pre\u2010tax profit of VND 11,229 billion\u2014a 29.5% YoY increase\u2014driven by strong credit growth and lower provisioning charges. Consolidated loans reached VND 842,354 billion (+18.6% YTD), the highest in the sector, led by secured retail mortgage and SME lending, which effectively mitigated credit [&hellip;]","og_url":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_q2-2025-earning-updates_aug2025\/","og_site_name":"GTJA","article_modified_time":"2025-08-28T08:07:13+00:00","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_q2-2025-earning-updates_aug2025\/#webpage","url":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_q2-2025-earning-updates_aug2025\/","name":"GTJASVN_VPB-Equity-Report_Q2.2025-Earning-Updates_Aug2025 - GTJA","isPartOf":{"@id":"https:\/\/gtjai.com.vn\/#website"},"datePublished":"2025-08-08T08:06:49+00:00","dateModified":"2025-08-28T08:07:13+00:00","breadcrumb":{"@id":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_q2-2025-earning-updates_aug2025\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_q2-2025-earning-updates_aug2025\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_q2-2025-earning-updates_aug2025\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/gtjai.com.vn\/en\/"},{"@type":"ListItem","position":2,"name":"GTJASVN_VPB-Equity-Report_Q2.2025-Earning-Updates_Aug2025"}]}]}},"_links":{"self":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/research\/32843\/"}],"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\/31\/"}],"wp:attachment":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/media\/?parent=32843"}],"wp:term":[{"taxonomy":"cate_research","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/cate_research\/?post=32843"},{"taxonomy":"specialized","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/specialized\/?post=32843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}