Company Insight

- VCB's 9M/2024 profit before tax reached a cumulative VND31,533 billion (+6.7% YoY), completing 75% of the 2024 profit plan approved by the General Meeting of Shareholders. VCB's plan to issue 6.5% of private placement to improve CAR was pushed to 2025. VCB expects the CAR ratio in 2025-2026 to reach 13-13.5%.
- Key assumptions for VCB's 2024-2025 business results: Credit growth reaches 14% for both 2024 and 2025; NIM slightly decreases to 2.94% and increases again to 3.25% in 2025; non-interest income growth in 2024 and 2025 reaches -9% and 43% respectively, NPL ratio in 2024 and 2025 is around 1.1-1.2%; credit risk cost/total credit in 2024 is at 0.4% and 0.8% in 2025, PBT in 2024 and 2025 reaches growth rates of 3.42% YoY and 25.32% YoY respectively.