Viet Dragon Securities - OCB – Positive credit growth outlook for the 2025-2026 period

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Viet Dragon Securities

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OCB – Positive credit growth outlook for the 2025-2026 period

• OCB’s credit growth in the first half of 2025 remained modest (8.2% YTD) compared to the industry average (9.9% YTD). Growth momentum mainly came from lending to the Construction (+140% YTD) and Real Estate business (+18% YTD) sectors.
• In late 2025 and 2026, OCB’s credit portfolio is expected to expand rapidly, driven by borrowing demand from property developers and construction contractors for project development. In addition, upcoming linked real estate projects are likely to boost mortgage products for individual homebuyers, thereby improving the retail lending segment, which has been underperforming, and expanding NIM.
• OCB’s PBT is projected to reach over VND 4.5 trillion in 2025 and VND 5.7 trillion in 2026, equivalent to YoY growth of 13% and 26%, respectively, based on expected credit growth of 20.3% and 18.2% for 2025F and 2026F. We value OCB shares at VND 14,850 per share, implying an upside potential of 19% compared to the closing price of VND 12,450 on October 21, 2025.

21/10/2025 8 EN

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Viet Dragon Securities

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Phuong Nguyen

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OCB – Positive credit growth outlook for the 2025-2026 period

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