According to the July strategic report issued by RongViet Securities Corporation (VDSC), credit growth in the first six months of 2019 had not changed much compared to the same period in 2018.
Notably, the disbursement rate (shown by the credit growth in months) was quite even, so the Net interest margin (NIM) forecast and the cross-selling services would continue to improve.
The main sources of income (interest, services and foreign exchange) were expected to remain positive, but profits could be divided due to the risk provisioning in some banks.
Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank-VCB), Military Commercial Joint Stock Bank (MBBank-MBB), and Asia Commercial Joint Stock Bank (ACB) were the three banks in the system that were highly appreciated for their strong growth from core business activities. Previously, these three banks also showed impressive results in the first quarter, helping VCB’s profit to maintain the top position while MBB and ACB were in the top five.
For VCB, VDSC said that the bank’s profit still grew by more than 10 percent in 2019 (despite last year’s record of divestment). Along with that, the expectation of the ability to sign exclusive bancassurance contract and the story of selling capital could help VCB shares to be active at certain times. On the stock exchange, from the beginning of the year, VCB was the best growth among the 17 listed banks.
