VIB – A small-scale retail bank, VIB has grown aggressively in the last two years, driven by both interest income and fee income – Update
- Rising retail lending exposure bolstered earnings growth.
- VIB is active in product innovation and technology development.
- Mobilisation and asset quality need improvement.
- We project a net profit CAGR of 21.0% in FY19-21F.
- We have an ADD rating on VIB with a target price of VND21,200.
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Market Price
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Target Price
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Dividend Yield
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Rating
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Sector
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VND17,600
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VND21,200
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2.8%
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ADD
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FINANCIALS
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