{"id":35238,"date":"2026-03-03T16:50:45","date_gmt":"2026-03-03T09:50:45","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=35238"},"modified":"2026-03-06T16:51:01","modified_gmt":"2026-03-06T09:51:01","slug":"en-gtjasvn_ctg-equity-report_2025-results-update-2026-outlook_mar-02-2026","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_ctg-equity-report_2025-results-update-2026-outlook_mar-02-2026\/","title":{"rendered":"(EN) GTJASVN_CTG Equity Report_2025 Results Update &amp; 2026 Outlook_Mar 02 2026"},"content":{"rendered":"<table>\n<tbody>\n<tr>\n<td>\n<p><strong>BUSINESS UPDATE<\/strong><br \/>\nIn 2025, VietinBank expanded its balance sheet with total assets reaching <strong>VND 2,768 tn<\/strong> (+16% YoY), outstanding loans <strong>VND 1,992 tn<\/strong> (+15.7%), and customer deposits <strong>VND 1,794 tn<\/strong> (+11.7%). CASA rose to <strong>VND 458.1 tn<\/strong> (+14.8% YoY), lifting the CASA ratio to <strong>25.5%<\/strong> (+0.7ppt YoY); however, NIM still weakened in line with the broader banking-sector trend.<br \/>\nTOI came in at <strong>VND 87.3 tn<\/strong> (+6.6% YoY), driven by NII (+6.7% YoY) and higher recoveries from bad-debt resolution (+17.9% YoY). PBT surged to <strong>VND 43.4 tn<\/strong> (+36.8% YoY), mainly on lower provisioning expenses of <strong>VND 17.3 tn<\/strong> (-37.3% YoY). Asset quality continued to improve, with NPL declining to <strong>1.1%<\/strong> and LLR at <strong>158.8%<\/strong>.<br \/>\nAs of end-Jan 2026, total assets increased <strong>3.6% YTD<\/strong>, deposits grew by <strong>>1% YTD<\/strong>, credit expanded by nearly <strong>3% YTD<\/strong>, CASA continued to rise, and recoveries from written-off bad debts exceeded <strong>VND 1.2 tn<\/strong>, while NPL and Stage-2 ratios were broadly unchanged versus end-2025.<\/p>\n<p><strong>OUTLOOK<\/strong><br \/>\nFor 2026, CTG has been assigned an initial credit quota of around <strong>11.1%<\/strong>, with potential flexibility depending on financial strength\/compliance and the sector backdrop. With a <strong>30\u201335%<\/strong> CIR target (reflecting a higher structural wage base), earnings growth will depend on NIM recovery and higher average CASA, expansion of fee\/transaction income, and continued credit-cost discipline. Key risks are front-loaded credit growth early in the year\u2014potentially requiring slower growth in later quarters to stay within the quota\u2014while higher funding and operating costs increase earnings sensitivity to Stage-2 loans and the pace of new NPL formation.<br \/>\nProgress in bad-debt resolution, the potential divestment of VietinBank Tower, and participation in new areas such as digital assets and gold could provide additional upside to near-to medium-term performance.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n","protected":false},"author":31,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-35238","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>(EN) GTJASVN_CTG Equity Report_2025 Results Update &amp; 2026 Outlook_Mar 02 2026 - 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\/en-gtjasvn_ctg-equity-report_2025-results-update-2026-outlook_mar-02-2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"(EN) GTJASVN_CTG Equity Report_2025 Results Update &amp; 2026 Outlook_Mar 02 2026 - GTJA\" \/>\n<meta property=\"og:description\" content=\"BUSINESS UPDATE In 2025, VietinBank expanded its balance sheet with total assets reaching VND 2,768 tn (+16% YoY), outstanding loans VND 1,992 tn (+15.7%), and customer deposits VND 1,794 tn (+11.7%). 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