VCB – Earnings review – [BUY] – Strengthening credit growth

4Q24 PBT was down -8.5%yoy to VND10.7tn due to absence of provision reversal as in 4Q23. Otherwise, some items contributed to the 4Q24 profit: Net interest incomes (+8.1%yoy), other incomes (+213%yoy), low provision risk expenses (only VND32bn), compensating with net fee incomes (-6%yoy) and higher operating expenses (+22.4%yoy). Accumulated 2024 PBT posted VND42.2tn, up +2.4%yoy, equalling 98% of the 2024 target and 94% of KIS estimation.