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VPB – Lower-than-expected provision expenses – Earnings Flash

Company Note 21/07/2020    140

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  • VPB’s 2Q20 net profit grew 44% yoy and 27.5% qoq, thanks to well-managed operating expenses and subdued provision expenses.
  • 1H20 net profit rose 51.7 % yoy to VND5,265bn, making up 63.7% of our full-year forecast.
  • Maintain Hold with an unchanged TP of VND25,000.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND22,700

VND25,000

0%

HOLD

BANKS

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