Analyst Pin-board: VPB – 1H 2019 Business Results Updates
1H 2019 saw a positive growth of consolidated performance with a normalized earning growth of 23.4% YoY. Continuing with the quality growth strategy, the parent bank decided to restructure its CommCredit to stabilize this segment’s impaired loans while still keeping it as long-term focus. As such, the parent bank’s growth slowed down and the consolidated growth in 1H was mainly driven by FE Credit who expanded credit strongly while managing a better asset quality. We consider this a recovery sign of FE Credit which might support the consolidated earnings growth afterwards. However, we hold the view that the consumer finance business is still under policy risk and the outlook depends on the finalized regulation on cash loan tightening.
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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