VPB - Rise in CASA ratio supports NIM expansion in H1 2021 - Earnings Flash
  • 2021-07-20T22:56:44
  • Company Research
VPB released consolidated results for H1 2021 with net profit totalling VND7.2tn (USD310mn; +37.1% YoY), which achieved 48% of our FY2021 forecast. H1 2021 NII was up 16.7% YoY — achieving 51% of our FY2021 forecast — with consolidated NIM at 8.86% (+40 bps YoY) vs our 2021F NIM at 8.75%. H1 2021 CIR trended down 7.5 ppts YoY to 23.4%. The consolidated NPL ratio stood at 3.47% vs our 2021F at 3.34%. We anticipate no material changes to our current forecasts, pending a more extensive review.