Company Insight

Consolidated pre-tax profit reached VND 30,625 billion (+53% YoY), equivalent to 121% of the full-year target. Among subsidiaries, VPBankS recorded VND 4,476 billion in profit, FE Credit reported over VND 600 billion, and OPES achieved VND 638 billion. Except for FE Credit, which fell short of its profit target, other subsidiaries met or exceeded their profit plans

Our key assumptions for VPB’s 2026 earnings outlook include: Consolidated loan growth of 30%, with deposit mobilization growing at a similar pace of 30%. NIM is expected to edge down slightly to 5.4% (from 5.5%). CIR is projected at around 24%. Credit cost over average outstanding loans is assumed at 2.7%. Consolidated NPL ratio is expected to be maintained at around 3.5%. Based on these assumptions, VPB’s 2026 pre-tax profit is projected to reach VND 38,790 billion (+27% YoY), which is more conservative than the bank’s own target plan.

Based on the residual income valuation method and the P/B peer comparison approach, we estimate VPB’s 12-month target price at VND 38,000 per share.