VCB – Earnings review – [BUY] – Gradual improvement

2Q25 PBT rose by +9.1%yoy to VND11.03tn due to lower risk provision expenses (-46.5%yoy) and higher other incomes. Accumulated 1H25 PBT climbed by +5.1%yoy to VND21.9tn, completing 50% of the 2025 guidance and 47% of KIS’s 2025 estimation.