VPB’s AGM takeaways

1Q25 PATMI was VND3.9 tn (-16% QoQ/+9% YoY), completing 20% of our 2025E forecast and VPB’s full-year guidance for consolidated PBT of VND25.3 tn (+26% YoY). FE Credit delivered positive but modest PBT of VND79 bn in 1Q25, an improvement from the loss of VND853 bn in 1Q24 but just 8% of its 2025E PBT target of VND1.1tn (+120% YoY).

For the complete report, please access here: VPB_AGM_Key Takeaways_04.2025

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