Company Insight

- Business results for Q1/2024: total credit shrank at the rate of -0.3% Ytd, NIM remains stable at 3.04%. Non-interest income decreased by 25.8% YoY, largely due to a decline in foreign exchange trading segment and other income segment. Total operating income in Q1/2024 reached VND 17,280 billion (-6.7% YoY). Despite good effort to control operating costs, VCB's credit risk provisioning expenses in Q1/2024, on the other hand, increased by more than +55.2% YoY. VCB's Q1/2024 pre-tax profit reached VND 10,718 billion (-4.5% YoY), achieving 25.5% of the 2024 plan (the goal approved by the SBV).

- Key assumptions for VCB's 2024 business results: Credit growth reaches 11.9% YoY, NIM around 3.1%, non-interest income increases 13.7% YoY, NPL ratio at 1.2%, CIR at 32%, Credit risk cost/total credit is at 0.5%, EBT is 45,451 billion VND (+10.2% YoY).