ACB – Robust credit growth and effective cost control have resulted in the exceeding-expectation Q2-2024 PBT growth
• The consolidated profit before tax growth reached 16% YoY, exceeding the expectation of 6% YoY, largely driven by the growth in interest-earning assets (+23% YoY) and a reduction in provisioning expenses (-17% YoY), along with effective control of operating costs (-1% YoY).• Credit growth at the parent bank reached 12.4%, outgrowing the industry's average of 6%, with growth rates among individual customers/SMEs/large corps at 12.3%/2.2%/37.6%, respectively.
• We forecast ACB's 2024 business results with TOI and PBT reaching VND 36 trillion (+10% YoY) and VND 22 trillion (+10% YoY), respectively.
• We maintain an ACCUMULATE recommendation for ACB with a target price of VND 27,400 per share, based on its superior credit growth capabilities, solid balance sheet, and industry-leading ROE.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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