VPB – 1H19 performance on track – Update
- 1H19 net profit eased 0.9% yoy due to lack of upfront bancassurance income. Excluding this one-off income, 1H19 net profit rose 23.1% yoy.
- 2Q19 net profit grew 45.7% yoy and 44.1% qoq with stronger loan growth but subdued NIMs versus 1Q19.
- We maintain Add rating and TP of VND21,200.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
VND18,950
|
VND21,200
|
2.3%
|
ADD
|
BANKS
|
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