Company Insight

- ACB's pre-tax profit in 2024 reached VND 21,006 billion (+4.7% YoY); completing the year's target.

Outlook for 2025

- We cautiously forecast ACB's credit growth of about 17% for 2025. NIM stabilizes and slightly increases to 3.72%. The NPL ratio is at 1.5%, with credit costs below 0.5%. CIR is at 31%. Interest and non-interest income recover to over 20% for 2025. With the above main assumptions, ACB's pre-tax profit could reach VND 25,527 billion (+21.5% YoY).

- With the residual income (RI) method and comparison method based on P/B and P/E, we update the target price for ACB in 2025 to reach 34,600 VND.