Company Insight

Established in 1993, VPBank is a bank pursuing a modern retail strategy. VPB has grown strongly thanks to its ability to expand its branch network and transaction points nationwide, along with the development of diverse products. FE Credit, a subsidiary of VPBank, is currently nearing the end of its loan portfolio restructuring process. With a leading position in consumer finance, FE Credit expects to achieve positive growth in 2024 and recover more significantly in 2025-2028. In early 2023, VPB reached an agreement to sell a 15% stake to SMBC through a private placement. VPBank's capital adequacy ratio at the end of 2023 is the highest among listed banks in Vietnam. Two other subsidiaries, VPBankS (Securities) and OPES (Insurance) are also gradually contributing more to the bank's operations. Based on the excess return method and the P/B ratio comparison method, we estimate VPBank's 12-month target price at VND 25,000 per share, representing an upside potential of 31.6%.