Analyst Pin-board: VIB – Update on AGM and proforma 1H2020 performance
So far VIB seems to be the bank with a top earnings growth target (at +10% YoY in 2020) and credit growth target (+24% YoY) amongst the industry players, which can be understandable considering its robust growth momentum during the last three years. 1H results are likely to be fine with 36% YoY earnings growth and 55% guidance fulfillment as per management, which is well better than peers. Management emphasized the bank’s ability to expand credit strongly and maintain asset quality despite the impact of Covid-19, supported by its leading banca position and efficiency improvement. Should there is no serious evolvement of the epidemic, we forecast that VIB can maintain its stronger-than-peers growth outlook in 2020/2021. The transfer to HSX, expected by end-2020, is also a catalyst for VIB.
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