VIB_AGM 2023

Credit growth reached VND234 tn in 2022 (+14.5% YoY). VIB targets credit growth to reach 25% in 2023E, but this is subject to the SBV’s quota. VIB’s LDR was 76% in 2022 (vs. the SBV’s cap of 85%).

Deposit growth was 6.0% in 2022, and VIB targets deposit growth to reach 26% in 2023E.

VIB expects NIM to stay relatively flat YoY at 4.5% to 4.6% in 2023E.

PBT was VND10.6 tn (+32% YoY) in 2022. The bank aims to achieve PBT of VND12.2 tn (+15% YoY) in 2023.

ST funding to MLT loans was 30% at end-2022, which is below the SBV’s cap of 34%. CAR was 12.8%, well above the Basel II minimum of 8%. VIB is the first bank in Vietnam that has completed 3 pillars of Basel II and is currently testing Basel III.

Dividend policy. The bank plans to pay a cash dividend of 15% (VND1,500/share) and a bonus share of 20%. Accordingly, VIB will issue 421 mn shares to increase charter capital to VND25 tn from VND21 tn. In addition, VIB also plans to issue 7.6 mn ESOP shares, which will be locked for 1 year from the date of issuance.

For the complete report, please access here: VIB_AGM – 2023

Analyst: Tanh Tran, tanh.tran@yuanta.com.vn