VPBank: First Take: Expect near-term strength post 2Q beat

研报英文原文证据摘录

VPBank: First Take: Expect near-term strength post 2Q beat

J P M O R G A N Asia Pacific Equity Research

17 July 2026

VPBank Neutral

VPB.HM, VPB VN

First Take: Expect near-term strength post 2Q beat Price (16 Jul 26):D26000

Price Target (Jun-27):D30,000.00

Our First Take: VPB reported 2Q26 net profit of VND8.4tn, up 72% y/y, 35% q/q

and 37% above JPMe. 1H earnings of VND14.6tn (+67% y/y) account for

55%/50% of JPM/Street estimates. Non-II was the most significant driver of the

beat, with fee income up 69% q/q led by underwriting, insurance, and other

income. This was partly capital markets-related, as VPBS pre-tax income reached

over ~VND2.1tn in 2Q from ~VND500bn in 1Q. NII grew 6% q/q as the bank

continued its accelerated volume growth path (loans +12% q/q), while NIM likely Asia-ex Banks

ACcontracted q/q on tight liquidity. On a YTD basis, loan growth appeared to be led Daniel Andrew Tan, CFA

by real estate, followed by wholesale and retail trade. Operating leverage improved (63-2) 8554-2413

(~21% CIR). Asset quality was better than our expectations, with lower provisions danielandrew.o.tan@jpmorgan.com

(net of recoveries) at 240bps ann., while NPL and coverage metrics improved. J.P. Morgan Securities Philippines, Inc.

Harsh Wardhan Modi AC

This is a good set of results at the bank, with strong earnings momentum supported (65) 6882-2450

by volumes, though some drivers could be more episodic/seasonal in nature harsh.w.modi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

(capital markets, costs). VPB stock declined 7.5% from its May peak, largely J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

following broader index weakness (VNINDEX -6.8%), hence it could see near- Morgan Broking (Hong Kong) Limited

term strength post results. Khoi Vu, CFA