LPB - NIM surge in line, but surge in NoII passes expectations - Earnings Flash
  • 2021-04-20T16:29:11
  • Company Research
LPB released Q1 2021 results with TOI of VND2.3tn (USD102mn; +57.1% YoY) and bottom-line net profit of VND877bn (USD38mn; +80.6% YoY), achieving 25.5% and 39.0% of our FY 2021 forecasts, respectively. The increase in NPAT was mainly due to (1) a 42.7% YoY increase in NII, (2) 67.6% YoY increase in pure NFI, (3) 16x YoY increase in FX trading gains (from a low base), and (4) VND3bn gain from investment securities vs a loss of VND64bn in Q1 2020, which were partly offset by