VCB – Earnings review – [BUY] – Subdued profit performance

1Q25 PBT was only up +1.3%yoy to VND10.86tn due to weak operating income growth despite lower risk provision expenses. 1Q25 PBT equaled 94% of KIS’s 1Q25 estimation. Our estimation was higher than the actual number due to higher net interest income and non-interest income. 1Q25 PBT completed 25% of the 2025 guidance and 24% of KIS’s 2025 estimation.