Vietcombank

Vietcombank's net profit fell 16.1% yoy to VND 4,397 bil in 4Q2019

By Helgi Analytics - March 1, 2020

Vietcombank made a net profit of VND 4,397 bil in the fourth quarter of 2019, down 16.1% when compared to the same period of last...

Vietcombank's npls (as % of loans) fell 20.9% yoy to 0.779% in 4Q2019

By Helgi Analytics - March 4, 2020

Vietcombank's non-performing loans reached 0.779% of total loans at the end of 2019-12-31, down from 0.985% compared to the previ...

Vietcombank's market capitalisation (end of period) rose 74.1% yoy to USD 14,436 mil in 4Q2019

By Helgi Analytics - March 1, 2020

Vietcombank stock traded at VND 90,200 per share at the end of fourth quarter of 2019 implying a market capitalization of USD 14,436...

Profit Statement 2017 2018 2019
Net Interest Income VND bil 22,067 28,538 34,686
Net Fee Income VND bil 2,538 3,402 4,309
Other Income VND bil 7,837 11,210 11,703
Total Revenues VND bil 32,443 43,151 50,699
Staff Cost VND bil 6,733 7,678 8,669
Operating Profit VND bil 20,320 29,258 34,521
Provisions VND bil 6,198 7,398 6,790
Net Profit VND bil 9,091 14,606 18,514
Balance Sheet 2017 2018 2019
Interbank Loans VND bil 232,973 250,228 248,730
Customer Loans VND bil 535,321 621,573 724,290
Debt Securities VND bil 142,302 153,520 170,844
Total Assets VND bil 1,035,290 1,074,030 1,223,980
Shareholders' Equity VND bil 52,558 62,179 85,753
Interbank Borrowing VND bil 235,289 171,414 162,313
Customer Deposits VND bil 708,522 801,930 928,415
Issued Debt Securities VND bil 21,273 17,281 25,078
Ratios 2017 2018 2019
ROE % 18.1 25.5 25.0
ROA % 0.997 1.38 1.61
Costs (As % Of Assets) % 1.33 1.32 1.41
Costs (As % Of Income) % 37.4 32.2 31.9
Capital Adequacy Ratio % 11.6 ... ...
Net Interest Margin % 2.42 2.71 3.02
Loans (As % Of Deposits) % 75.6 77.5 78.0
NPLs (As % Of Loans) % 1.14 0.985 0.779
Provisions (As % Of NPLs) % 131 165 182
Valuation 2017 2018 2019
Market Capitalisation (End Of Period) USD mil 8,603 8,293 14,436
Share Price (End Of Period) VND 54,300 53,500 90,200
Price/Earnings (P/E) 27.2 14.9 18.0
Price/Book Value (P/BV) 3.72 3.10 3.89
Dividend Yield % 1.47 1.50 ...
Earnings Per Share (EPS) VND 1,994 3,584 5,003
Book Value Per Share VND 14,609 17,283 23,173
Dividend Per Share VND 800 800 ...

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                      
Net Interest Income VND bil                         11,065 12,173 15,548 18,557 22,067    
Total Revenues VND bil                         16,741 18,849 23,169 27,435 32,443    
Operating Profit VND bil                         10,404 11,844 14,628 17,120 20,320    
Net Profit VND bil                         4,358 4,567 5,314 6,876 9,091    
balance sheet                                      
Interbank Loans VND bil                         91,737 146,077 131,527 151,846 232,973    
Customer Loans VND bil                         267,863 316,254 378,542 452,722 535,321    
Debt Securities VND bil                         66,978 80,090 120,316 138,820 142,302    
Total Assets VND bil                         468,994 576,996 674,395 787,935 1,035,290    
Shareholders' Equity VND bil                         42,536 43,473 45,172 48,146 52,558    
Interbank Borrowing VND bil                         76,680 96,896 113,097 125,975 235,289    
Customer Deposits VND bil                         332,258 422,211 500,534 590,457 708,522    
Issued Debt Securities VND bil                         1,988 2,636 2,991 10,696 21,273    
ratios                                      
ROE % ...                       10.3 10.6 12.0 14.7 18.1    
ROA % ...                       0.987 0.873 0.849 0.940 0.997    
Costs (As % Of Assets) % ...                       1.43 1.34 1.37 1.41 1.33    
Costs (As % Of Income) %                         37.9 37.2 36.9 37.6 37.4    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ...       13.1 11.6 11.0 11.1 11.6 ... ...
Net Interest Margin % ...                       2.50 2.33 2.48 2.54 2.42    
Interest Income (As % Of Revenues) %                         66.1 64.6 67.1 67.6 68.0    
Fee Income (As % Of Revenues) %       ...   ...             9.67 8.05 8.08 7.68 7.82    
Staff Cost (As % Of Total Cost) %       ...                 52.2 49.7 50.2 51.9 55.5    
Equity (As % Of Assets) %                         9.07 7.53 6.70 6.11 5.08    
Loans (As % Of Deposits) %                         80.6 74.9 75.6 76.7 75.6    
Loans (As % Assets) %                         57.1 54.8 56.1 57.5 51.7    
NPLs (As % Of Loans) %           ...             2.73 2.31 1.84 1.50 1.14    
Provisions (As % Of NPLs) %           ... ...           86.3 94.9 121 117 131    
valuation                                      
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ... ... ...         2,946 3,976 5,203 5,601 8,603    
Number Of Shares (Average) mil ... ... ... ... ... ... ...           3,598 3,598 3,598 3,598 3,598    
Share Price (End Of Period) VND ... ... ... ... ... ... ... ...         17,263 23,630 32,519 35,450 54,300    
Earnings Per Share (EPS) VND ... ... ... ... ... ... ...           1,019 1,051 1,204 1,517 1,994    
Book Value Per Share VND ... ... ... ... ... ... ...           11,823 12,083 12,556 13,382 14,609    
Dividend Per Share VND ... ... ... ... ... ...             773 741 741 800 800   ...
Price/Earnings (P/E) ... ... ... ... ... ... ... ...         16.9 22.5 27.0 23.4 27.2    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ...         1.46 1.96 2.59 2.65 3.72    
Dividend Yield % ... ... ... ... ... ... ... ...         4.48 3.13 2.28 2.26 1.47   ...
Earnings Per Share Growth % ... ... ... ... ... ... ... ...         -2.53 3.11 14.6 26.0 31.4    
Book Value Per Share Growth % ... ... ... ... ... ... ... ...         1.67 2.20 3.91 6.58 9.16    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                      
Interest Income VND bil                         28,581 28,387 31,456 37,743 46,289    
Interest Cost VND bil                         17,516 16,214 15,908 19,186 24,221    
Net Interest Income VND bil                         11,065 12,173 15,548 18,557 22,067    
Net Fee Income VND bil       ...   ...             1,619 1,517 1,873 2,107 2,538    
Other Income VND bil       ...   ...             4,057 5,159 5,749 6,771 7,837    
Total Revenues VND bil                         16,741 18,849 23,169 27,435 32,443    
Staff Cost VND bil       ...                 3,308 3,481 4,284 5,357 6,733    
Depreciation VND bil ... ... ... ... ... ... ...         ... 517 ... 597 682 675    
Other Cost VND bil ... ... ... ... ... ... ...         ... 2,512 ... 3,660 4,276 4,715    
Operating Cost VND bil                         6,337 7,005 8,542 10,315 12,123    
Operating Profit VND bil                         10,404 11,844 14,628 17,120 20,320    
Provisions VND bil       ...                 3,520 4,591 6,068 6,369 6,198    
Extra and Other Cost VND bil       ...                 1,140 1,408 1,732 2,173 2,780    
Pre-Tax Profit VND bil                         5,743 5,844 6,827 8,578 11,341    
Tax VND bil                         1,365 1,258 1,495 1,683 2,231    
Minorities VND bil                         19.5 19.2 18.1 19.3 19.5    
Net Profit VND bil                         4,358 4,567 5,314 6,876 9,091    
Dividends VND bil ... ... ... ... ... ...             2,781 2,665 2,665 2,878 2,878   ...
growth rates                                      
Net Interest Income Growth % ...                       -2.30 10.0 27.7 19.4 18.9    
Net Fee Income Growth % ...     ... ... ... ...           17.9 -6.33 23.5 12.5 20.5    
Total Revenue Growth % ...                       4.23 12.6 22.9 18.4 18.3    
Operating Cost Growth % ...                       3.13 10.5 21.9 20.8 17.5    
Operating Profit Growth % ...                       4.91 13.8 23.5 17.0 18.7    
Pre-Tax Profit Growth % ...                       -0.368 1.76 16.8 25.6 32.2    
Net Profit Growth % ...                       -0.897 4.78 16.4 29.4 32.2    
market share                                      
Market Share in Revenues % ... ... ... ... ... ... ...           9.47 10.2 11.1 11.5 ... ... ...
Market Share in Net Profit % ... ... ... ... ... ... ...           14.5 26.7 17.0 16.7 ... ... ...
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                      
Cash VND bil                         30,903 21,591 28,234 27,075 103,718    
Interbank Loans VND bil                         91,737 146,077 131,527 151,846 232,973    
Customer Loans VND bil                         267,863 316,254 378,542 452,722 535,321    
Retail Loans VND bil ... ... ... ... ...               37,259 51,746 77,831 116,463 177,778    
Corporate Loans VND bil ... ... ... ... ...               157,469 183,395 205,870 226,055 236,038    
Debt Securities VND bil                         66,978 80,090 120,316 138,820 142,302    
Fixed Assets VND bil                         3,946 4,382 4,984 5,640 6,058    
Intangible Assets VND bil ... ... ... ...                 140 82.4 55.8 89.5 105    
Goodwill VND bil ... ... ... ... ... ... ... ...         0 0 0 0 0   ...
Total Assets VND bil                         468,994 576,996 674,395 787,935 1,035,290    
Shareholders' Equity VND bil                         42,536 43,473 45,172 48,146 52,558    
Of Which Minority Interest VND bil                         150 148 165 144 89.3    
Liabilities VND bil                         426,458 533,523 629,222 739,790 982,735    
Interbank Borrowing VND bil                         76,680 96,896 113,097 125,975 235,289    
Customer Deposits VND bil                         332,258 422,211 500,534 590,457 708,522    
Sight Deposits VND bil                         85,499 108,944 140,491 159,628 201,004    
Term Deposits VND bil                         241,457 306,194 354,025 422,818 495,441    
Issued Debt Securities VND bil                         1,988 2,636 2,991 10,696 21,273    
Other Liabilities VND bil                         15,532 11,780 12,600 12,662 17,651    
asset quality                                      
Non-Performing Loans VND bil           ...             7,475 7,462 7,137 6,922 6,209    
Gross Loans VND bil                         274,314 323,338 387,152 460,808 543,434    
Total Provisions VND bil           ... ...           6,451 7,084 8,610 8,087 8,113    
growth rates                                      
Customer Loan Growth % ...                       13.6 18.1 19.7 19.6 18.2    
Retail Loan Growth % ... ... ... ... ... ...             29.4 38.9 50.4 49.6 52.6    
Corporate Loan Growth % ... ... ... ... ... ...             25.1 16.5 12.3 9.80 4.42    
Total Asset Growth % ...                       13.2 23.0 16.9 16.8 31.4    
Shareholders' Equity Growth % ...                       2.01 2.20 3.91 6.58 9.16    
Customer Deposit Growth % ...                       16.4 27.1 18.6 18.0 20.0    
market share                                      
Market Share in Customer Loans %                         8.89 9.47 9.41 9.36 9.25 ... ...
Market Share in Corporate Loans % ... ... ... ... ... ... ... ... ... ... ...   5.23 5.49 5.12 4.67 ... ... ...
Market Share in Total Assets %                         8.57 9.56 9.66 9.70 10.7 ... ...
Market Share in Customer Deposits %                         9.01 9.87 9.92 9.94 10.4 ... ...
ratios Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
ratios                                      
ROE % ...                       10.3 10.6 12.0 14.7 18.1    
ROA % ...                       0.987 0.873 0.849 0.940 0.997    
Costs (As % Of Assets) % ...                       1.43 1.34 1.37 1.41 1.33    
Costs (As % Of Income) %                         37.9 37.2 36.9 37.6 37.4    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ...       13.1 11.6 11.0 11.1 11.6 ... ...
Net Interest Margin % ...                       2.50 2.33 2.48 2.54 2.42    
Interest Spread % ...                       2.09 2.05 2.29 2.36 2.27    
Asset Yield % ...                       6.47 5.43 5.03 5.16 5.08    
Cost Of Liabilities % ...                       4.38 3.38 2.74 2.80 2.81    
Payout Ratio % ... ... ... ... ... ...             63.8 58.4 50.2 41.9 31.7   ...
Interest Income (As % Of Revenues) %                         66.1 64.6 67.1 67.6 68.0    
Fee Income (As % Of Revenues) %       ...   ...             9.67 8.05 8.08 7.68 7.82    
Other Income (As % Of Revenues) %       ...   ...             24.2 27.4 24.8 24.7 24.2    
Cost Per Employee USD per month ... ... ... ... ... ... ...           946 968 1,118 1,298 1,544    
Cost Per Employee (Local Currency) VND per month ... ... ... ... ... ... ...           19,885,000 20,572,200 24,193,700 28,590,900 34,579,100    
Staff Cost (As % Of Total Cost) %       ...                 52.2 49.7 50.2 51.9 55.5    
Equity (As % Of Assets) %                         9.07 7.53 6.70 6.11 5.08    
Loans (As % Of Deposits) %                         80.6 74.9 75.6 76.7 75.6    
Loans (As % Assets) %                         57.1 54.8 56.1 57.5 51.7    
NPLs (As % Of Loans) %           ...             2.73 2.31 1.84 1.50 1.14    
Provisions (As % Of NPLs) %           ... ...           86.3 94.9 121 117 131    
Provisions (As % Of Loans) %           ... ...           2.41 2.24 2.27 1.79 1.52    
Cost of Provisions (As % Of Loans) % ...     ...                 1.40 1.57 1.75 1.53 1.25    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
other data                                      
Employees ... ... ... ... ... ... ...           13,864 14,099 14,755 15,615 16,227    
Sight (As % Of Customer Deposits) %                         25.7 25.8 28.1 27.0 28.4    
Return on Loans % ...                       1.73 1.56 1.53 1.65 1.84    
Operating Profit (As % of Loans) % ...                       4.13 4.06 4.21 4.12 4.11    
Costs (As % Of Loans) % ...                       2.52 2.40 2.46 2.48 2.45    
Equity (As % Of Loans) %                         15.9 13.7 11.9 10.6 9.82    

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Vietcombank's net interest income rose 7.97% yoy to VND 8,641 bil in 4Q2019

By Helgi Analytics - March 1, 2020

Vietcombank generated total banking revenues of VND 12,435 bil in the fourth quarter of 2019, up 3.15% when compared to the same period of last year and down 5.17% when compared to the previous quarter. Historically, the bank’s revenues containing...

Vietcombank's price/earnings (P/E) rose 107% yoy to 19.0 in 4Q2019

By Helgi Analytics - March 1, 2020

Vietcombank stock traded at VND 90,200 per share at the end fourth quarter of 2019 implying a market capitalization of USD 14,436 mil. Since the end of 4Q2014, the stock has appreciated by 282 % implying an annual average growth of 30.7 %. In absolute terms, the value...

Vietcombank's net interest margin fell 6.19% yoy to 2.90% in 4Q2019

By Helgi Analytics - March 1, 2020

Vietcombank's net interest margin amounted to 2.90% in the fourth quarter of 2019, down from 3.11% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 4.30% in 3Q2011 and an all time low of 2.3...

Vietcombank's customer loan growth rose 2.56% yoy to 16.5% in 4Q2019

By Helgi Analytics - March 1, 2020

Vietcombank's customer loan growth reached 16.5% in 2019-12-31, up from 16.1% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 31.0% in 2011-03-31 and an all time low of 5.44% in 2012-03-31. In the last deca...

Vietcombank's equity (as % of assets) rose 21.0% yoy to 7.01% in 4Q2019

By Helgi Analytics - March 1, 2020

Vietcombank's Equity reached 7.01% of total assets in the 4Q2019, up from 5.79% for the previous year. As a share of net customer loans, the ratio amounted to 11.8% at the end of the fourth quarter of 2019. ...

Vietcombank's net profit rose 26.8% yoy to VND 18,514 bil in 2019

By Helgi Analytics - March 1, 2020

Vietcombank made a net profit of VND 18,514 bil in 2019, up 26.8% compared to the previous year. This implies a return on equity of 25.0%. Historically, the bank’s net profit reached an all time high of VND 18,514 bil in 2019 and an all time low of VND 224 ...

Vietcombank's npls (as % of loans) fell 20.9% yoy to 0.779% in 2019

By Helgi Analytics - March 1, 2020

Vietcombank's non-performing loans reached 0.779% of total loans at the end of 2019, down from 0.985% compared to the previous year. Historically, the NPL ratio hit an all time high of 6.14% in 2002 and an all time low of 0.779% in 2019. Provision coverage ...

Vietcombank's net interest income rose 21.5% yoy to VND 34,686 bil in 2019

By Helgi Analytics - March 1, 2020

Vietcombank generated total banking revenues of VND 50,699 bil in 2019, up 17.5% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of VND 50,699 bil in 2019 and an...

Vietcombank's net interest margin rose 11.6% yoy to 3.02% in 2019

By Helgi Analytics - March 1, 2020

Vietcombank's net interest margin amounted to 3.02% in 2019, up from 2.71% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 3.73% in 2011 and an all time low of 1.09% in 2002. The average margin in ...

Vietcombank's price/earnings (P/E) rose 20.8% yoy to 18.0 in 2019

By Helgi Analytics - March 1, 2020

Vietcombank stock traded at VND 90,200 per share at the end 2019 implying a market capitalization of USD 14,436 mil. Since the end of 2014, the stock has appreciated by 282 % implying an annual average growth of 30.7 %. In absolute terms, the value of the company ...

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Finance

Vietcombank has been growing its revenues and asset by 18.0% and 17.0% a year on average in the last 10 years. Its loans and deposits have grown by 18.1% and 18.5% a year during that time and loans to deposits ratio reached 78.0% at the end of 2019. The company achieved an average return on equity of 16.8% in the last decade with net profit growing 16.8% a year on average. In terms of operating efficiency, its cost to income ratio reached 31.9% in 2019, compared to 37.1% average in the last decade.

Equity represented 7.01% of total assets or 11.8% of loans at the end of 2019. Vietcombank's non-performing loans were 0.779% of total loans while provisions covered some 182% of NPLs at the end of 2019.

Valuation

Vietcombank stock traded at VND 90,200 per share at the end of 2019 resulting in a market capitalization of USD 14,436 mil. Over the previous five years, stock price rose by 282% or 30.7% a year on average. That’s compared to an average ROE of 19.1% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 18.0x and price to book value (PBV) of 3.89x in 2019.