ACB – Brief – [NONRATED] – Defending earnings growth in 4Q24

4Q24 PBT jumped +12.4%yoy (to VND5,671bn thanks to (1) net interest incomes (+12.6%yoy), (2) manageable operating expenses (-9.1%yoy), and (3) lower risk provision expenses (-54%yoy). Meanwhile, non-interest incomes dropped by -29.2%yoy mainly due to fewer investment activities as the market trend. 2024 PBT only rose +4.7%yoy to VND21,006bn, completing 95% of the 2024 target.