Company Insight

2025 business result

ACB recorded credit growth of 18.5%, in line with the industry average. Loan growth was evenly distributed across quarters during the year. The bank has shown a more open risk appetite by beginning to invest in corporate bonds. Credit expansion was mainly driven by corporate and FDI clients, while retail lending increased by only 12.9% (business loans up 8%, mortgage lending posted strong growth of 23%)

The NPL ratio declined to 0.97%, while the LLR increased significantly to 114% by end-2025. ACB stepped up provisioning in Q4/2025 in relation to Decree No. 86/2024/NĐ-CP, which management described as a prudent approach.

ACB’s 2025 PBT reached VND 19,539 billion (-7% YoY), fulfilling only 85% of its full-year target.

Outlook for 2026

For 2026, we project ACB’s loan growth at 15%, with NIM remaining flat at 2.9% (revised down from our previous forecast of 3.4%). Non-interest income is expected to maintain solid growth of 23%. Credit cost is projected at 0.4%, with asset quality remaining stable, reflected in an NPL ratio of 1.2% and LLR above 100%. We also revise our operating expense growth assumption to 20% (vs. 15% in our previous report). Accordingly, ACB’s PBT could reach VND 23,732 billion (+21.5% YoY), representing growth on the low base of 2025.

Using a Residual Income (RI) approach and a P/B-based valuation method, we revise our 12-month target price for ACB to VND 30,400 (down from VND 34,000), reflecting our lower NIM assumptions and higher projected operating expenses for the coming years.