GTJASVN_VPB Equity Report_Q3.2025 Eaning Updates_Oct 2025_

UPDATE ON BUSINESS OPERATIONS VPBank recorded its strongest quarterly performance since 2022, with Q3/2025 pre-tax profit reaching VND 9.17 billion (+76.7% YoY), bringing 9M2025 PBT to VND 20.4 billion (+47.1% YoY), fulfilling 81% of the annual plan. Credit growth remained the key driver, with total loans up 28.4% YTD, led by mortgages and SME lending. Funding expanded in tandem, supported by a 33.6% YoY rise in CASA. Asset quality improved, with consolidated NPL below 3% and loan recovery income reaching VND 2.9 billion. Liquidity and capital remained solid, with LDR at 82.8% and CAR above 13%. ASSESSMENT We maintain a HOLD recommendation on VPB shares following the strong YTD rally to around VND 34,000, which is near our estimated fair value of VND 35,100 based on a residual income model. While short-term upside appears limited, we acknowledge the bank’s consistent execution of its scale-driven strategy: disciplined credit expansion, improving asset quality, and low cost-to-income ratio. Future re-rating potential may be unlocked through successful monetization of subsidiaries—particularly the planned IPO of VPBankS in 2026—and further improvement in funding mix. Overall, we see VPB as a structurally well-positioned private bank with medium-term growth visibility supported by a scalable ecosystem model.