Banking – Preview – [NEUTRAL] – 3Q25F Preview: Credit acceleration

Combined NP in 3Q25F could grow 15%yoy, based on our coverage. The results could be driven by both net interest incomes with high credit growth and non-interest incomes. 3Q25F Net interest margin could remain stable quarterly. 3Q25F non-interest incomes could have impressive growth from a low base. State-Owned Commercial Banks (SOCBs), specifically VCB and BID, are positioned for recovery with moderate growth, while CTG could maintain its solid profit growth. Meanwhile, several large private banks—such as VPB and STB—are poised to deliver impressive earnings growth.