VPB – Slowing loan growth and rising NPLs – Update
- VPB is dealing with double blows of slowing loan growth and rising bad debt.
- 9M18 pre-tax profit was below expectations at VND6,125bn (+8.7% yoy), making up 57% of the bank’s FY18 target and 59% of our full-year forecast.
- We will revisit our forecasts but our rating and TP are unchanged for now.
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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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VND21,000
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VND32,500
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0%
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ADD
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BANK
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