VPB – Loan growth recovered strongly in 4Q18 – Update
- Total operating income rose 24.2% yoy in FY18 but pretax profit grew by only 13.1% yoy due to a significant increase in provisioning.
- FY18 net profit reached VND7,356bn (+14.2% yoy), below expectations at 89.0% of our forecast.
- We lower our target price but maintain Add as we believe the recent headwinds are now fully priced-in.
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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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VND21,250
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VND26,100
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0.00%
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ADD
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BANKS
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