{"id":33622,"date":"2025-10-22T14:47:49","date_gmt":"2025-10-22T07:47:49","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=33622"},"modified":"2025-10-28T14:48:09","modified_gmt":"2025-10-28T07:48:09","slug":"gtjasvn_vpb-equity-report_q3-2025-eaning-updates_oct-2025","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_vpb-equity-report_q3-2025-eaning-updates_oct-2025\/","title":{"rendered":"GTJASVN_VPB Equity Report_Q3.2025 Eaning Updates_Oct 2025"},"content":{"rendered":"<p><span style=\"font-family: helvetica, arial, sans-serif\"><a href=\"https:\/\/gtjai.com.vn\/wp-content\/uploads\/2025\/10\/GTJASVN_VPB-Equity-Report_Q3.2025-Eaning-Updates_Oct-2025_.pdf\">GTJASVN_VPB Equity Report_Q3.2025 Eaning Updates_Oct 2025_<\/a><\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">UPDATE ON BUSINESS OPERATIONS VPBank recorded its strongest quarterly performance since 2022, with Q3\/2025 pre-tax profit reaching VND 9.17 billion (+76.7% YoY), bringing 9M2025 PBT to VND 20.4 billion (+47.1% YoY), fulfilling 81% of the annual plan. Credit growth remained the key driver, with total loans up 28.4% YTD, led by mortgages and SME lending. Funding expanded in tandem, supported by a 33.6% YoY rise in CASA. Asset quality improved, with consolidated NPL below 3% and loan recovery income reaching VND 2.9 billion. Liquidity and capital remained solid, with LDR at 82.8% and CAR above 13%. ASSESSMENT We maintain a HOLD recommendation on VPB shares following the strong YTD rally to around VND 34,000, which is near our estimated fair value of VND 35,100 based on a residual income model. While short-term upside appears limited, we acknowledge the bank\u2019s consistent execution of its scale-driven strategy: disciplined credit expansion, improving asset quality, and low cost-to-income ratio. Future re-rating potential may be unlocked through successful monetization of subsidiaries\u2014particularly the planned IPO of VPBankS in 2026\u2014and further improvement in funding mix. Overall, we see VPB as a structurally well-positioned private bank with medium-term growth visibility supported by a scalable ecosystem model.<\/span><\/p>\n","protected":false},"author":31,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-33622","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_VPB Equity Report_Q3.2025 Eaning Updates_Oct 2025 - 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_q3-2025-eaning-updates_oct-2025\/\" \/>\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_Q3.2025 Eaning Updates_Oct 2025 - GTJA\" \/>\n<meta property=\"og:description\" content=\"GTJASVN_VPB Equity Report_Q3.2025 Eaning Updates_Oct 2025_ UPDATE ON BUSINESS OPERATIONS VPBank recorded its strongest quarterly performance since 2022, with Q3\/2025 pre-tax profit reaching VND 9.17 billion (+76.7% YoY), bringing 9M2025 PBT to VND 20.4 billion (+47.1% YoY), fulfilling 81% of the annual plan. 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