Company Insight

By the end of 6M/2025, ACB's credit growth was nearly 9% compared to the end of 2024. The individual and SME segments increased by 7.7% and 5.6% respectively, the large corporate customer segment was the main driving force for ACB in the first half of the year with an increase of 25%. Management said that SMEs' loan demand has not recovered strongly in the first half of 2025.

ACB's pre-tax profit reached VND 10,690 billion (+2% YoY), reaching about 50% of the annual profit plan approved by the General Meeting of Shareholders.

For the outlook for 2025-2026: we forecast ACB credit growth of 17%/year, NIM of 3.3% for 2025 and a slight improvement of 3.4% for 2026. Bad debt is controlled at 1-1.5%, credit costs are below 0.5%. Accordingly, ACB's pre-tax profit in 2025 will reach VND 22,002 billion (+4.7% YoY) and in 2026 it will reach VND 25,540 billion (+16% YoY)

With the residual income (RI) method and comparison method based on P/B, we update the target price for ACB for the next 12 months to reach 34,000 VND.