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.
Featured Analysis
Market commentary: Late-session demand support
Derivatives: Cautious sentiment prevails
Market commentary: Divergent movements
Derivatives: Sustaining upward momentum
Market commentary: Continued gains
Market traders: Proprietary traders returned to net buying
Derivatives: Breakout session
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