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Vietcombank

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

By Helgi Library - 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 customer deposits rose 18.0% yoy to VND 590,457 bil in 4Q2016

By Helgi Library - March 1, 2020

Vietcombank's customer deposits reached VND 590,457 bil in 2016-12-31, up 3.02% compared to the previous year. Vietnamese banki...

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

By Helgi Library - 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...

Annual Quarterly LTM
Profit Statement Jun 2019 Sep 2019 Dec 2019
Net Interest Income VND bil 8,671 8,865 8,641
Net Fee Income VND bil 1,075 1,278 886
Other Income VND bil 2,714 2,968 2,908
Total Revenues VND bil 12,460 13,112 12,435
Staff Cost VND bil 2,146 1,991 2,402
Operating Profit VND bil 8,302 8,838 9,104
Provisions VND bil 1,811 1,503 1,971
Net Profit VND bil 4,361 5,048 4,397
Balance Sheet Jun 2019 Sep 2019 Dec 2019
Interbank Loans VND bil 174,171 216,739 248,730
Customer Loans VND bil 682,823 693,973 724,290
Total Assets VND bil 1,122,650 1,157,490 1,223,980
Shareholders' Equity VND bil 76,397 81,391 85,753
Interbank Borrowing VND bil 126,600 118,485 162,313
Customer Deposits VND bil 871,230 902,186 928,415
Issued Debt Securities VND bil 23,160 23,315 25,078
Ratios Jun 2019 Sep 2019 Dec 2019
ROE % 23.4 25.6 21.0
ROA % 1.59 1.77 1.48
Costs (As % Of Assets) % 1.51 1.50 1.12
Costs (As % Of Income) % 33.4 32.6 26.8
Net Interest Margin % 3.16 3.11 2.90
Loans (As % Of Deposits) % 78.4 76.9 78.0
NPLs (As % Of Loans) % 1.03 1.08 0.779
Provisions (As % Of NPLs) % 177 185 182
Valuation Jun 2019 Sep 2019 Dec 2019
Price/Earnings (P/E) 15.0 15.1 19.0
Price/Book Value (P/BV) 3.42 3.74 3.90
Earnings Per Share (EPS) VND 4,703 5,444 4,744
Book Value Per Share VND 20,599 21,945 23,121

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summary Unit Mar 2009 Jun 2009 Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
income statement                                                                                        
Net Interest Income VND bil                                                                           6,817 7,434 8,003 8,509 8,671    
Total Revenues VND bil                                                                           10,122 10,340 12,055 12,692 12,460    
Operating Profit VND bil                                                                           6,235 6,299 10,185 8,276 8,302    
Net Profit VND bil                                                                           2,927 2,935 5,240 4,707 4,361    
balance sheet                                                                                        
Interbank Loans VND bil                                                                           142,503 152,374 250,228 169,678 174,171    
Customer Loans VND bil                                                                           596,235 616,409 621,573 661,261 682,823    
Debt Securities VND bil                                                                           193,561 165,183 153,520 161,344 173,503    
Total Assets VND bil                                                                           977,682 995,111 1,074,030 1,073,330 1,122,650    
Shareholders' Equity VND bil                                                                           58,603 61,527 62,179 72,992 76,397    
Interbank Borrowing VND bil                                                                           109,186 113,205 171,414 116,424 126,600    
Customer Deposits VND bil                                                                           764,499 773,408 801,930 838,278 871,230    
Issued Debt Securities VND bil                                                                           23,243 23,326 17,281 23,327 23,160    
ratios                                                                                        
ROE % ...                                                                         20.4 19.5 33.9 27.9 23.4    
ROA % ...                                                                         1.18 1.19 2.03 1.75 1.59    
Costs (As % Of Assets) % ...                                                                         1.57 1.64 0.723 1.65 1.51    
Costs (As % Of Income) %                                                                           38.4 39.1 15.5 34.8 33.4    
Net Interest Margin % ...                                                                         2.75 3.01 3.09 3.17 3.16    
Interest Income (As % Of Revenues) %                                                                           67.3 71.9 66.4 67.0 69.6    
Fee Income (As % Of Revenues) %                                                                           8.41 8.65 6.43 8.43 8.63    
Staff Cost (As % Of Total Cost) %                                                                           46.1 44.7 109 48.2 51.6    
Equity (As % Of Assets) %                                                                           5.99 6.18 5.79 6.80 6.81    
Loans (As % Of Deposits) %                                                                           78.0 79.7 77.5 78.9 78.4    
Loans (As % Assets) %                                                                           61.0 61.9 57.9 61.6 60.8    
NPLs (As % Of Loans) %                                                                           1.15 1.18 0.985 1.03 1.03    
Provisions (As % Of NPLs) %                                                                           141 155 165 169 177    
valuation                                                                                        
Market Capitalisation (End Of Period) USD mil ...                                                                         9,090 9,720 8,293 10,759 11,221    
Number Of Shares (Average) mil                                                                           3,598 3,598 3,598 3,676 3,709    
Share Price (End Of Period) VND ...                                                                         58,000 63,000 53,500 67,300 70,500    
Earnings Per Share (EPS) VND                                                                           3,252 3,264 5,826 5,124 4,703    
Book Value Per Share VND                                                                           16,289 17,101 17,283 19,859 20,599    
Price/Earnings (P/E) ...                                                                         17.8 19.3 9.18 13.1 15.0    
Price/Book Value (P/BV) ...                                                                         3.56 3.68 3.10 3.39 3.42    
Earnings Per Share Growth % ... ... ... ...                                                                   45.1 36.9 92.3 31.5 44.6    
Book Value Per Share Growth % ... ... ... ...                                                                   12.5 13.4 18.3 27.4 26.5    
income statement Unit Mar 2009 Jun 2009 Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
income statement                                                                                        
Interest Income VND bil                                                                           13,453 14,355 15,370 16,103 16,801    
Interest Cost VND bil                                                                           6,637 6,921 7,367 7,595 8,130    
Net Interest Income VND bil                                                                           6,817 7,434 8,003 8,509 8,671    
Net Fee Income VND bil                                                                           851 895 775 1,069 1,075    
Other Income VND bil                                                                           2,454 2,011 3,276 3,113 2,714    
Total Revenues VND bil                                                                           10,122 10,340 12,055 12,692 12,460    
Staff Cost VND bil                                                                           1,791 1,807 2,031 2,129 2,146    
Operating Cost VND bil                                                                           3,887 4,041 1,870 4,416 4,158    
Operating Profit VND bil                                                                           6,235 6,299 10,185 8,276 8,302    
Provisions VND bil                                                                           1,738 1,762 2,400 1,506 1,811    
Extra and Other Cost VND bil                                                                           839 870 1,199 892 1,066    
Pre-Tax Profit VND bil                                                                           3,657 3,667 6,586 5,878 5,425    
Tax VND bil                                                                           726 728 1,342 1,167 1,060    
Minorities VND bil                                                                           4.88 3.73 3.95 3.57 3.88    
Net Profit VND bil                                                                           2,927 2,935 5,240 4,707 4,361    
growth rates                                                                                        
Net Interest Income Growth % ... ... ... ...                                                                   20.5 41.4 38.1 35.4 27.2    
Net Fee Income Growth % ... ... ... ...                                                                   28.1 37.5 35.2 21.3 26.3    
Total Revenue Growth % ... ... ... ...                                                                   27.1 28.5 40.7 19.3 23.1    
Operating Cost Growth % ... ... ... ...                                                                   20.8 27.1 -26.4 7.83 6.98    
Operating Profit Growth % ... ... ... ...                                                                   31.3 29.5 69.0 26.6 33.2    
Pre-Tax Profit Growth % ... ... ... ...                                                                   45.3 36.8 93.3 34.8 48.3    
Net Profit Growth % ... ... ... ...                                                                   45.2 36.9 92.3 34.3 49.0    
balance sheet Unit Mar 2009 Jun 2009 Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
balance sheet                                                                                        
Cash VND bil                                                                           26,005 40,346 23,638 49,956 62,104    
Interbank Loans VND bil                                                                           142,503 152,374 250,228 169,678 174,171    
Customer Loans VND bil                                                                           596,235 616,409 621,573 661,261 682,823    
Retail Loans VND bil ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ... 235,884 ... ... ...  
Corporate Loans VND bil ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ... 237,542 ... ... ...  
Debt Securities VND bil                                                                           193,561 165,183 153,520 161,344 173,503    
Fixed Assets VND bil                                                                           4,044 4,204 6,457 4,295 4,260    
Total Assets VND bil                                                                           977,682 995,111 1,074,030 1,073,330 1,122,650    
Shareholders' Equity VND bil                                                                           58,603 61,527 62,179 72,992 76,397    
Of Which Minority Interest VND bil                                                                           98.5 83.6 69.0 72.6 76.5    
Liabilities VND bil                                                                           919,079 933,585 1,011,850 1,000,340 1,046,260    
Interbank Borrowing VND bil                                                                           109,186 113,205 171,414 116,424 126,600    
Customer Deposits VND bil                                                                           764,499 773,408 801,930 838,278 871,230    
Sight Deposits VND bil                                                                           216,686 216,712 226,842 234,500 239,568    
Term Deposits VND bil                                                                           535,902 543,544 558,788 588,842 604,216    
Issued Debt Securities VND bil                                                                           23,243 23,326 17,281 23,327 23,160    
asset quality                                                                                        
Non-Performing Loans VND bil                                                                           6,983 7,424 6,223 6,952 7,134    
Gross Loans VND bil                                                                           606,053 627,951 631,867 673,022 695,438    
Total Provisions VND bil                                                                           9,818 11,542 10,294 11,761 12,615    
growth rates                                                                                        
Customer Loan Growth % ... ... ... ...                                                                   16.1 17.2 16.1 16.4 14.5    
Retail Loan Growth % ... ... ... ... ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ... 32.7 ... ... ...  
Corporate Loan Growth % ... ... ... ... ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ...   ... ... ... 0.637 ... ... ...  
Total Asset Growth % ... ... ... ...                                                                   15.1 10.8 3.74 6.92 14.8    
Shareholders' Equity Growth % ... ... ... ...                                                                   12.5 13.4 18.3 30.2 30.4    
Customer Deposit Growth % ... ... ... ...                                                                   17.6 12.4 13.2 14.7 14.0    
market share                                                                                        
Market Share in Customer Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 ... ... ... ... ... ... ... ... ... ... ... ...
Market Share in Total Assets % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                                   ... ... ... ... ... ... ... ...
Market Share in Customer Deposits % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 ... ... ... ... ... ... ... ... ... ... ... ...
ratios Unit Mar 2009 Jun 2009 Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
ratios                                                                                        
ROE % ...                                                                         20.4 19.5 33.9 27.9 23.4    
ROA % ...                                                                         1.18 1.19 2.03 1.75 1.59    
Costs (As % Of Assets) % ...                                                                         1.57 1.64 0.723 1.65 1.51    
Costs (As % Of Income) %                                                                           38.4 39.1 15.5 34.8 33.4    
Net Interest Margin % ...                                                                         2.75 3.01 3.09 3.17 3.16    
Interest Spread % ...                                                                         2.59 2.83 2.91 2.98 2.94    
Asset Yield % ...                                                                         5.43 5.82 5.94 6.00 6.12    
Cost Of Liabilities % ...                                                                         2.84 2.99 3.03 3.02 3.18    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Interest Income (As % Of Revenues) %                                                                           67.3 71.9 66.4 67.0 69.6    
Fee Income (As % Of Revenues) %                                                                           8.41 8.65 6.43 8.43 8.63    
Other Income (As % Of Revenues) %                                                                           24.2 19.4 27.2 24.5 21.8    
Cost Per Employee USD per month           ... ...                                                             1,556 1,582 1,727 1,791 1,692    
Cost Per Employee (Local Currency) VND per month           ... ...                                                             35,099,200 35,890,200 39,324,200 41,023,400 38,943,600    
Staff Cost (As % Of Total Cost) %                                                                           46.1 44.7 109 48.2 51.6    
Equity (As % Of Assets) %                                                                           5.99 6.18 5.79 6.80 6.81    
Loans (As % Of Deposits) %                                                                           78.0 79.7 77.5 78.9 78.4    
Loans (As % Assets) %                                                                           61.0 61.9 57.9 61.6 60.8    
NPLs (As % Of Loans) %                                                                           1.15 1.18 0.985 1.03 1.03    
Provisions (As % Of NPLs) %                                                                           141 155 165 169 177    
Provisions (As % Of Loans) %                                                                           1.65 1.87 1.66 1.78 1.85    
Cost of Provisions (As % Of Loans) % ...                                                                         1.19 1.16 1.55 0.939 1.08    
other data Unit Mar 2009 Jun 2009 Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
other data                                                                                        
Employees           ... ...                                                             17,012 16,785 17,215 17,303 18,366    
Sight (As % Of Customer Deposits) %                                                                           28.3 28.0 28.3 28.0 27.5    
Return on Loans % ...                                                                         1.94 1.99 2.36 2.46 2.57    
Operating Profit (As % of Loans) % ... ... ...                                                                     4.07 4.14 4.73 4.83 4.92    
Costs (As % Of Loans) % ...                                                                         2.46 2.52 2.31 2.28 2.24    
Equity (As % Of Loans) %                                                                           9.83 9.98 10.0 11.0 11.2    

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

By Helgi Library - 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 mil. Over the last five years, the stock has appreciated by 282 implying an annual average growth of 30.7% In absolute ter...

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

By Helgi Library - 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 net interest margin fell 6.19% yoy to 2.90% in 4Q2019

By Helgi Library - 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 price/earnings (P/E) rose 107% yoy to 19.0 in 4Q2019

By Helgi Library - 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 equity (as % of assets) rose 21.0% yoy to 7.01% in 4Q2019

By Helgi Library - 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 customer loan growth rose 2.56% yoy to 16.5% in 4Q2019

By Helgi Library - 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 net profit rose 26.8% yoy to VND 18,514 bil in 2019

By Helgi Library - 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 Library - 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 Library - 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 Library - 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 ...

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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.

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