- 2022-04-20T00:00:00
- Company Research
LPB released Q1 2022 results with PPOP of VND2.1tn (USD91.6mn; +59.4% YoY) and bottom-line net profit of VND1.4tn (USD61mn; +62.0% YoY), achieving 29.6% and 31.6% of our FY2022 forecasts, respectively. Excluding the exclusive upfront banca fee that we assume will be booked in H2 2022, Q1 2022 PPOP and NPAT completed 34.1% and 37.8% of our full-year forecasts, respectively. The increase in NPAT was mainly due to (1) a 40.2% YoY increase in NII, (2) 34.3% YoY increase in pure NFI and (3) VND192bn of net other income vs VND9bn in Q1 2021; these items were partly offset by (1) a 48.4% YoY increase in provision expenses, (2) VND15bn loss in income from FX trading vs a VND124bn gain in Q1 2021 and (3) VND10bn loss from investment securities vs a VND3bn gain in Q1 2021. We see potential upside to our earnings forecast for LPB, pending a fuller review.
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