Guotai Junan Securities (vietnam) Corp · HNX:IVS
Guotai Junan Securities (vietnam) — Q3 2024 Earnings Presentation
12 slides from Guotai Junan Securities (vietnam)'s earnings presentation, November 2024
Slide 1: Banking Sector Q3/2024 Earnings Data Updates
BANKING SECTOR Q3/2024 EARNINGS DATA UPDATES Open account in 3 minutes Guotai Junan (VN) Research 1 (Hotline: 024 3577 9999) Nov 2024
Slide 2: System-wide credit growth increases 9% by September 30, 2024
EARNINGS UPDATE Q3/2024 SYSTEM-WIDE CREDIT GROWTH INCREASES 9% BY SEPTEMBER 30, 2024 The group of private commercial banks continued to record improved credit growth in the third quarter. Many banks have nearly reached the credit limit granted in 2024. The group of state-owned commercial banks recor
Slide 3: 3Q profit - net interest income of listed banking group decreased 2.34% YoY
EARNINGS UPDATE Q3/2024 3Q PROFIT - NET INTEREST INCOME OF LISTED BANKING GROUP DECREASED 2.34%YOY The context of rising deposit interest rates affects banks' net interest income. 11/21 listed banks had a decrease in NII compared to the second quarter. The remaining banks maintained NII or increased
Slide 4: 3Q profits - net interest margin standing sideward
EARNINGS UPDATE Q3/2024 3Q PROFITS- NET INTEREST MARGIN STANDING SIDEWARD The average NIM of listed banks is flat compared to the end of 2023. Looking at the details, most of the general NIM trend is decreasing. Some notable names with improved NIM compared to 2023 are TCB, HDB, LPB and VPB thanks t
Slide 5: 3Q profits - non-interest income decreased
EARNINGS UPDATE Q3/2024 3Q PROFITS- NON-INTEREST INCOME DECREASED Not only did income from credit activities decline, other non-interest businesses of banks also weakened significantly in the third quarter. Most banks recorded a decrease in income from service activities and foreign investment. exch
Slide 6: 3Q profits - non-interest income decreased
EARNINGS UPDATE Q3/2024 3Q PROFITS- NON-INTEREST INCOME DECREASED Meanwhile, bad debt handling and recovery activities, despite facing many obstacles, also contributed positively to the income of many banks in the third quarter (in the other income section). Investment Other income 1Q23 2Q23 3Q23 4Q
Slide 7: Credit loss provision costs decreased
EARNINGS UPDATE Q3/2024 CREDIT LOSS PROVISION COSTS DECREASED Provision costs generally cooled down in the third quarter in the context of slow growth in bad debt and banks had made large provisions in the previous period. Provision expense, VND BN 1Q24 2Q24 3Q24 qoq % yoy % 30,000 300% 25,000 200%
Slide 8: Despite provision decreasing, profit before taxes still weaken 6.57% QoQ
EARNINGS UPDATE Q3/2024 DESPITE PROVISION DECREASING, PROFIT BEFORE TAXES STILL WEAKEN 6.57%QOQ Total pre-tax profit of listed banking group decreased by 6.57%qoq but still maintained a growth rate of 18%yoy. Among them, 14 banks recorded a decrease in PBT compared to the second quarter. VCB maintai
Slide 9: Bad debt shows signals of slowing
EARNINGS UPDATE Q3/2024 BAD DEBT SHOWS SIGNALS OF SLOWING The slowdown in bad debt in the third quarter also partly explains the reason for the decline in provisioning. However, bad debt is still at a relatively high level. Meanwhile, the debt ratio of groups 2-5 also shows a slight decreasing trend
Slide 10: Disclaimer
DISCLAIMER The views expressed in this report accurately reflect personal views on securities codes or the issuer of the analyst(s) in charge of the preparation of the report. Investors should consider this report as reference and should not consider this report as securities investment consulting c
Slide 11: Guotai Junan (Vietnam) Research Department
GUOTAI JUNAN (VIETNAM) RESEARCH DEPARTMENT Trịnh Khánh Linh Trần Thị Hồng Nhung Research Analyst Deputy Director linhtk@gtjas.com.vn nhungtth@gtjas.com.vn (024) 35.730.073- ext:707 (024) 35.730.073- ext:703 Open account in 3 minutes 11 (Hotline: 024 3577 9999)
Slide 12: Contact Hanoi Head Office, HCMC Branch
CONTACT HANOI HEAD OFFICE HCMC BRANCH For advising: P9-10, 1st floor, Charmvit Tower 3rd floor, No.2 BIS, Công Trường Quốc Tế, (024) 35.730.073 Ward 6, District 3, HCMC Tel.: For placing order: (024) 35.730.073 Tel.: (024) 35.779.999 (028) 38.239.966 Fax: (024) 35.730.088 Email: info@gtjas.com.vn Fa
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