Vietnam Prosperity Bank

Vietnam Prosperity Bank's net profit fell 18.3% yoy to VND 1,982 bil in 4Q2019

By Helgi Analytics - March 1, 2020

Vietnam Prosperity Bank made a net profit of VND 1,982 bil in the fourth quarter of 2019, down 18.3% when compared to the same pe...

Vietnam Prosperity Bank's npls (as % of loans) fell 2.23% yoy to 3.42% in 4Q2019

By Helgi Analytics - March 1, 2020

Vietnam Prosperity Bank's non-performing loans reached 3.42% of total loans at the end of 2019-12-31, down from 3.50% compared to...

Vietnam Prosperity Bank's price/earnings (P/E) rose 22.2% yoy to 6.17 in 4Q2019

By Helgi Analytics - March 1, 2020

Vietnam Prosperity Bank stock traded at VND 20,000 per share at the end fourth quarter of 2019 implying a market capitalization of USD 2,104 ...

Profit Statement 2017 2018 2019
Net Interest Income VND bil 20,668 24,702 30,495
Net Fee Income VND bil 1,462 1,613 2,970
Other Income VND bil 5,059 7,582 4,065
Total Revenues VND bil 27,188 33,897 37,530
Staff Cost VND bil 5,060 6,021 7,327
Operating Profit VND bil 17,621 22,581 24,534
Provisions VND bil 8,001 11,253 13,688
Net Profit VND bil 6,234 7,294 6,559
Balance Sheet 2017 2018 2019
Interbank Loans VND bil 17,520 16,572 20,098
Customer Loans VND bil 179,519 218,395 253,100
Debt Securities VND bil 55,135 56,320 70,470
Total Assets VND bil 277,752 323,291 377,214
Shareholders' Equity VND bil 29,696 34,750 42,218
Interbank Borrowing VND bil 32,370 52,714 43,100
Customer Deposits VND bil 184,678 204,232 246,314
Issued Debt Securities VND bil 21,026 20,906 33,315
Ratios 2017 2018 2019
ROE % 26.6 22.6 17.0
ROA % 2.46 2.43 1.87
Costs (As % Of Assets) % 3.78 3.77 3.71
Costs (As % Of Income) % 35.2 33.4 34.6
Capital Adequacy Ratio % 12.6 11.2 ...
Net Interest Margin % 8.16 8.22 8.71
Loans (As % Of Deposits) % 97.2 107 103
NPLs (As % Of Loans) % 3.39 3.50 3.42
Provisions (As % Of NPLs) % 50.8 45.9 46.4
Valuation 2017 2018 2019
Market Capitalisation (End Of Period) USD mil 2,703 2,112 2,104
Share Price (End Of Period) VND 25,337 19,950 20,000
Price/Earnings (P/E) 9.07 6.65 7.46
Price/Book Value (P/BV) 1.90 1.40 1.16
Dividend Yield % 0 0 ...
Earnings Per Share (EPS) VND 2,793 2,999 2,681
Book Value Per Share VND 13,306 14,287 17,256
Dividend Per Share VND 0 0 ...

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                
Net Interest Income VND bil                   4,163 5,300 10,525 15,169 20,668    
Total Revenues VND bil                   5,340 6,906 12,820 18,167 27,188    
Operating Profit VND bil                   2,615 2,970 7,045 11,314 17,621    
Net Profit VND bil                   986 1,276 2,363 3,911 6,234    
balance sheet                                
Interbank Loans VND bil ... ... ... ...           12,055 13,925 14,600 9,389 17,520    
Customer Loans VND bil                   51,869 77,256 115,062 142,583 179,519    
Debt Securities VND bil                   37,777 52,305 50,123 58,542 55,135    
Total Assets VND bil                   121,264 163,241 193,876 228,771 277,752    
Shareholders' Equity VND bil                   7,727 8,980 13,389 17,178 29,696    
Interbank Borrowing VND bil                   15,020 26,808 37,204 55,798 32,370    
Customer Deposits VND bil                   83,844 108,354 130,271 123,788 184,678    
Issued Debt Securities VND bil ...   ... ...           7,664 12,787 7,624 24,182 21,026    
ratios                                
ROE % ...                 13.7 15.3 21.1 25.6 26.6    
ROA % ...                 0.880 0.897 1.32 1.85 2.46    
Costs (As % Of Assets) % ...                 2.43 2.77 3.23 3.24 3.78    
Costs (As % Of Income) %                   51.0 57.0 45.0 37.7 35.2    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ... 12.5 11.4 12.2 13.2 12.6   ...
Net Interest Margin % ...                 3.72 3.73 5.89 7.18 8.16    
Interest Income (As % Of Revenues) %                   78.0 76.7 82.1 83.5 76.0    
Fee Income (As % Of Revenues) % ... ... ... ...           10.0 8.79 6.90 4.69 5.38    
Staff Cost (As % Of Total Cost) %                   42.3 48.9 55.1 50.1 52.9    
Equity (As % Of Assets) %                   6.37 5.50 6.91 7.51 10.7    
Loans (As % Of Deposits) %                   61.9 71.3 88.3 115 97.2    
Loans (As % Assets) %                   42.8 47.3 59.3 62.3 64.6    
NPLs (As % Of Loans) % ... ... ... ... ... ... ...     2.81 2.54 2.69 2.91 3.39    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ...     41.0 56.5 55.4 49.7 50.8    
valuation                                
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... 2,703    
Number Of Shares (Average) mil ... ... ... ...           1,027 1,027 1,185 1,367 2,232    
Share Price (End Of Period) VND ... ... ... ... ... ... ... ... ... ... ... ... ... 25,337    
Earnings Per Share (EPS) VND ... ... ... ...           960 1,242 1,871 2,754 2,793    
Book Value Per Share VND ... ... ... ...           7,523 8,743 11,297 12,564 13,306    
Dividend Per Share VND ... ... ... ... ... ... ... ... ... ... ... 0 ... 0   ...
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... ... ... 9.07    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... ... ... 1.90    
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ... ... ... 0   ...
Earnings Per Share Growth % ... ... ... ... ...         33.9 29.4 50.6 47.2 1.43    
Book Value Per Share Growth % ... ... ... ... ...         4.69 16.2 29.2 11.2 5.90    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                
Interest Income VND bil                   11,206 12,413 18,930 25,632 34,187    
Interest Cost VND bil                   7,043 7,113 8,405 10,463 13,519    
Net Interest Income VND bil                   4,163 5,300 10,525 15,169 20,668    
Net Fee Income VND bil ... ... ... ...           535 607 885 853 1,462    
Other Income VND bil ... ... ... ...           642 999 1,410 2,146 5,059    
Total Revenues VND bil                   5,340 6,906 12,820 18,167 27,188    
Staff Cost VND bil                   1,153 1,925 3,184 3,431 5,060    
Depreciation VND bil ... ... ... ... ... ... ...     58.1 76.7 101 141 164    
Other Cost VND bil ... ... ... ... ... ... ...     1,514 1,935 2,490 3,282 4,344    
Operating Cost VND bil                   2,725 3,936 5,775 6,854 9,567    
Operating Profit VND bil                   2,615 2,970 7,045 11,314 17,621    
Provisions VND bil                   1,026 979 3,278 5,313 8,001    
Extra and Other Cost VND bil                   276 353 713 1,101 1,749    
Pre-Tax Profit VND bil                   1,312 1,637 3,055 4,900 7,871    
Tax VND bil ...                 327 361 691 988 1,638    
Minorities VND bil                   0 0 0 0 0    
Net Profit VND bil                   986 1,276 2,363 3,911 6,234    
Dividends VND bil ... ... ... ... ... ... ... ... ... ... ... 0 ... 0   ...
growth rates                                
Net Interest Income Growth % ...                 35.2 27.3 98.6 44.1 36.3    
Net Fee Income Growth % ... ... ... ... ...         97.5 13.5 45.7 -3.59 71.4    
Total Revenue Growth % ...                 48.3 29.3 85.6 41.7 49.7    
Operating Cost Growth % ...                 43.5 44.4 46.7 18.7 39.6    
Operating Profit Growth % ...                 53.7 13.6 137 60.6 55.7    
Pre-Tax Profit Growth % ... ...               47.9 24.8 86.6 60.4 60.6    
Net Profit Growth % ... ...               47.3 29.4 85.2 65.5 59.4    
market share                                
Market Share in Revenues % ... ... ... ...           3.02 3.74 6.16 7.61 ... ... ...
Market Share in Net Profit % ... ... ... ...           3.28 7.45 7.58 9.49 ... ... ...
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                
Cash VND bil                   3,073 5,059 3,894 4,710 9,035    
Interbank Loans VND bil ... ... ... ...           12,055 13,925 14,600 9,389 17,520    
Customer Loans VND bil                   51,869 77,256 115,062 142,583 179,519    
Retail Loans VND bil ... ... ... ... ... ... ...     22,950 36,639 62,235 89,973 117,376    
Corporate Loans VND bil ... ... ... ... ... ... ...     29,524 41,740 54,568 54,000 65,289    
Debt Securities VND bil                   37,777 52,305 50,123 58,542 55,135    
Fixed Assets VND bil                   333 503 414 491 526    
Intangible Assets VND bil ... ... ... ...           85.7 162 133 146 283    
Goodwill VND bil ... ... ... ... ...         0 62.4 37.5 12.5 0    
Total Assets VND bil                   121,264 163,241 193,876 228,771 277,752    
Shareholders' Equity VND bil                   7,727 8,980 13,389 17,178 29,696    
Of Which Minority Interest VND bil                   0 0.005 0 0 0    
Liabilities VND bil                   113,538 154,261 180,488 211,593 248,057    
Interbank Borrowing VND bil                   15,020 26,808 37,204 55,798 32,370    
Customer Deposits VND bil                   83,844 108,354 130,271 123,788 184,678    
Retail Deposits VND bil ... ... ... ... ... ...       54,446 63,372 76,817 89,354 107,784   ...
Corporate Deposits VND bil ... ... ... ... ... ...       29,398 44,982 70,000 75,000 80,086   ...
Sight Deposits VND bil ... ... ... ... ... ... ...     5,662 7,870 12,569 15,238 19,671    
Term Deposits VND bil ... ... ... ... ... ... ...     77,848 98,689 117,162 108,064 164,595    
Issued Debt Securities VND bil ...   ... ...           7,664 12,787 7,624 24,182 21,026    
Other Liabilities VND bil ...   ... ...           7,010 6,312 5,388 7,826 9,983    
asset quality                                
Non-Performing Loans VND bil ... ... ... ... ... ... ...     1,474 1,989 3,145 4,207 6,200    
Gross Loans VND bil ... ... ... ...           52,474 78,379 116,804 144,673 182,666    
Total Provisions VND bil ... ... ... ...           605 1,123 1,742 2,090 3,147    
growth rates                                
Customer Loan Growth % ...                 42.0 48.9 48.9 23.9 25.9    
Retail Loan Growth % ... ... ... ... ... ... ... ...   29.4 59.6 69.9 44.6 30.5    
Corporate Loan Growth % ... ... ... ... ... ... ... ...   54.1 41.4 30.7 -1.04 20.9    
Total Asset Growth % ...                 18.1 34.6 18.8 18.0 21.4    
Shareholders' Equity Growth % ...                 15.2 16.2 49.1 28.3 72.9    
Customer Deposit Growth % ...                 40.9 29.2 20.2 -4.98 49.2    
Retail Deposit Growth % ... ... ... ... ... ... ...     43.9 16.4 21.2 16.3 20.6   ...
Corporate Deposit Growth % ... ... ... ... ... ... ...     35.5 53.0 55.6 7.14 6.78   ...
market share                                
Market Share in Customer Loans %                   1.72 2.31 2.86 2.95 3.10 ... ...
Market Share in Corporate Loans % ... ... ... ... ... ... ... ...   0.980 1.25 1.36 1.12 ... ... ...
Market Share in Total Assets %                   2.22 2.71 2.78 2.82 2.87 ... ...
Market Share in Customer Deposits %                   2.27 2.53 2.58 2.08 2.71 ... ...
ratios Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
ratios                                
ROE % ...                 13.7 15.3 21.1 25.6 26.6    
ROA % ...                 0.880 0.897 1.32 1.85 2.46    
Costs (As % Of Assets) % ...                 2.43 2.77 3.23 3.24 3.78    
Costs (As % Of Income) %                   51.0 57.0 45.0 37.7 35.2    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ... 12.5 11.4 12.2 13.2 12.6   ...
Net Interest Margin % ...                 3.72 3.73 5.89 7.18 8.16    
Interest Spread % ...                 3.28 3.41 5.58 6.79 7.62    
Asset Yield % ...                 10.0 8.73 10.6 12.1 13.5    
Cost Of Liabilities % ...                 6.72 5.31 5.02 5.34 5.88    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... 0 ... 0   ...
Interest Income (As % Of Revenues) %                   78.0 76.7 82.1 83.5 76.0    
Fee Income (As % Of Revenues) % ... ... ... ...           10.0 8.79 6.90 4.69 5.38    
Other Income (As % Of Revenues) % ... ... ... ...           12.0 14.5 11.0 11.8 18.6    
Cost Per Employee USD per month ... ... ... ... ... ... ...     673 795 948 747 790    
Cost Per Employee (Local Currency) VND per month ... ... ... ... ... ... ...     14,140,200 16,884,500 20,523,500 16,444,000 17,698,700    
Staff Cost (As % Of Total Cost) %                   42.3 48.9 55.1 50.1 52.9    
Equity (As % Of Assets) %                   6.37 5.50 6.91 7.51 10.7    
Loans (As % Of Deposits) %                   61.9 71.3 88.3 115 97.2    
Loans (As % Assets) %                   42.8 47.3 59.3 62.3 64.6    
NPLs (As % Of Loans) % ... ... ... ... ... ... ...     2.81 2.54 2.69 2.91 3.39    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ...     41.0 56.5 55.4 49.7 50.8    
Provisions (As % Of Loans) % ... ... ... ...           1.17 1.45 1.51 1.47 1.75    
Cost of Provisions (As % Of Loans) % ...                 2.32 1.52 3.41 4.12 4.97    
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
other data                                
Branches ... ... ... ... ... ... ... ... ... 207 209 208 215 217   ...
Employees ... ... ... ... ... ... ...     6,795 9,501 12,927 17,387 23,826    
Clients mil ... ... ... ... ...         0.399 1.31 2.09 3.29 4.90   ...
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ...     6.75 7.26 9.65 12.3 10.7    
Return on Loans % ...                 2.23 1.98 2.46 3.04 3.87    
Operating Profit (As % of Loans) % ...                 5.92 4.60 7.33 8.78 10.9    
Costs (As % Of Loans) % ...                 6.17 6.10 6.01 5.32 5.94    
Equity (As % Of Loans) %                   14.9 11.6 11.6 12.0 16.5    

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Vietnam Prosperity Bank's net interest margin rose 4.30% yoy to 8.77% in 4Q2019

By Helgi Analytics - March 1, 2020

Vietnam Prosperity Bank's net interest margin amounted to 8.77% in the fourth quarter of 2019, down from 9.03% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 9.14% in 2Q2019 and an all time low...

Vietnam Prosperity Bank's market capitalisation (end of period) fell 0.370% yoy to USD 2,104 mil in 4Q2019

By Helgi Analytics - March 1, 2020

Vietnam Prosperity Bank stock traded at VND 20,000 per share at the end of fourth quarter of 2019 implying a market capitalization of USD 2,104 mil. Over the last five years, the stock has appreciated by 0 implying an annual average growth of 0% In absolu...

Vietnam Prosperity Bank's net interest income rose 23.8% yoy to VND 8,064 bil in 4Q2019

By Helgi Analytics - March 1, 2020

Vietnam Prosperity Bank generated total banking revenues of VND 10,239 bil in the fourth quarter of 2019, up 6.17% when compared to the same period of last year and 4.81% when compared to the previous quarter. Historically, the bank’s revenues containing of i...

Vietnam Prosperity Bank's customer loan growth fell 26.6% yoy to 15.9% in 4Q2019

By Helgi Analytics - March 1, 2020

Vietnam Prosperity Bank's customer loan growth reached 15.9% in 2019-12-31, down from 21.7% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 37.1% in 2017-06-30 and an all time low of 15.9% in 2019-12-31. In...

Vietnam Prosperity Bank's equity (as % of assets) rose 4.12% yoy to 11.2% in 4Q2019

By Helgi Analytics - March 1, 2020

Vietnam Prosperity Bank's Equity reached 11.2% of total assets in the 4Q2019, up from 10.7% for the previous year. As a share of net customer loans, the ratio amounted to 16.7% at the end of the fourth quarter of 2019. ...

Vietnam Prosperity Bank's net profit fell 10.1% yoy to VND 6,559 bil in 2019

By Helgi Analytics - March 1, 2020

Vietnam Prosperity Bank made a net profit of VND 6,559 bil under revenues of VND 37,530 bil in 2019, up -10.1% and 10.7% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of VND 7,294 bil in 2018 and an all time low ...

Vietnam Prosperity Bank's net interest margin rose 5.92% yoy to 8.71% in 2019

By Helgi Analytics - March 1, 2020

Vietnam Prosperity Bank's net interest margin amounted to 8.71% in 2019, up from 8.22% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 8.71% in 2019 and an all time low of 2.50% in 2010. The averag...

Vietnam Prosperity Bank's npls (as % of loans) fell 2.23% yoy to 3.42% in 2019

By Helgi Analytics - March 1, 2020

Vietnam Prosperity Bank's non-performing loans reached 3.42% of total loans at the end of 2019, down from 3.50% compared to the previous year. Historically, the NPL ratio hit an all time high of 3.50% in 2018 and an all time low of 1.82% in 2011. Provision ...

Vietnam Prosperity Bank's net interest income rose 23.4% yoy to VND 30,495 bil in 2019

By Helgi Analytics - March 1, 2020

Vietnam Prosperity Bank generated total banking revenues of VND 37,530 bil in 2019, up 10.7% 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 37,530 bil in...

Vietnam Prosperity Bank's customer loan growth fell 26.6% yoy to 15.9% in 2019

By Helgi Analytics - March 1, 2020

Vietnam Prosperity Bank's customer loan growth reached 15.9% in 2019, down from 21.7% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 303% in 2007 and an all time low of -2.88% in 2008. In the last decade, ...

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Finance

Vietnam Prosperity Bank has been growing its revenues and asset by 40.3% and 18.2% a year on average in the last 5 years. Its loans and deposits have grown by 26.8% and 17.8% a year during that time and loans to deposits ratio reached 103% at the end of 2019. The company achieved an average return on equity of 22.6% in the last five years with net profit growing 38.7% a year on average. In terms of operating efficiency, its cost to income ratio reached 34.6% in 2019, compared to 37.2% average in the last five years.

Equity represented 11.2% of total assets or 16.7% of loans at the end of 2019. Vietnam Prosperity Bank's non-performing loans were 3.42% of total loans while provisions covered some 46.4% of NPLs at the end of 2019.

Valuation

Vietnam Prosperity Bank stock traded at VND 20,000 per share at the end of 2019 resulting in a market capitalization of USD 2,104 mil. Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 22.1% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 7.46x and price to book value (PBV) of 1.16x in 2019.