Earnings: Q4 2024 and FY2024 preliminary results
(to remind, closing price is on 20th January 2025 while EPS and BVPS below are mostly calculated with Q3 2024 results)
State-owned Commercial Banks:
BIDV (BID VN) already announced its preliminary results with EBT of VND30 trillion (about USD1.2 billion, up +12.4% YoY). Meanwhile, Vietinbank (CTG VN) and Vietcombank (VCB VN) just revealed that they both completed their objectives but did not disclose any further information. Agribank (unlisted) only reported its standalone EBT growth rate of 8%, leading to an estimate of VND27.5 trillion (about USD1.09 billion) for 2024 EBT./B.
Commercial Banks:
TPBank (TPB VN): EBT was nearly VND7,600 billion (about USD300 million, up +36% YoY) with 2024 TOI of over VND18,000 billion (about USD711 million, up +11% YoY), suggesting ROE of over 17%. The bank kept its NPL ratio under 2% throughout the year and also recorded a CAR of over 14% in November - which is, in fact, far better than the 10.5% threshold set by Basel III. TPB VN closed at VND16,400 per share, meaning 8.9x P/E and 1.2x P/B.
Nam A Bank (NAB VN): 2024 EBT was over VND4,545 billion (about USD180 million, up +38% YoY), surpassing the yearly objective by 14%. NAB VN closed at VND16,500 per share, leading to 6.0x P/E and 1.2x P/B.
Sacombank (STB VN): With a profitable Q4, 2024 EBT was roundly VND12.7 trillion (about USD501 million, up +32% YoY). STB VN closed at VND35,950 per share, therefore 7.7x P/E and 1.3x P/B.
SeABank (SSB VN): 2024 EBT was VND6.04 trillion (about USD238 million, up +31% YoY), thanks to an impressive credit growth rate of 20.4%. During the year, the bank had received over USD250 million from international institutions, including IFC, AIIB, and Norfund to originate loans with sustainable development goals. SSB VN closed at VND18,000 per share, hence 10.7x P/E and 1.5x P/B.
MBBank (MBB VN): 2024 consolidated EBT was ~VND29 trillion (about USD1.14 billion, up +12% YoY). MBB VN closed at VND21,850 per share, leading to 6.3x P/E and 1.2x P/B.
Investor can see the full Newsletter below:
