VCB – Solid growth with limited downside risks – Update

• VCB’s 1H19 net profit surged 41.0% yoy on higher NIM and modest rise in expenses. 1H19 net profit was above at 55.9% of our full-year forecast.
• VCB’s 2Q19 net profit rose 49.0% yoy but fell 7.4% qoq as loan growth slowed and the bank increased provisioning in 2Q19.
• We maintain our Hold rating but increase our TP by 12.7% to VND83,200.

Please follow this link for the full report