Banks: Recovery underway, but already priced in – Update

• Vietnam banks’ credit/deposit grew 3.65%/5.15% in 1H20, a faster pace from the 1.31% /1.72% in 1Q20.
• We expect banks under our coverage to show aggregate earnings growth of 17% in 2021F, thanks to a spike in loan growth and NIM improvement.
• Our stock picks are MBB and VIB, in view of their prudent asset quality, better recovery outlook, and potential upside.

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