Equity Analysis /

Sacombank: SACOMBANK: Q2 18 misses on one-off expenses, but still a Buy

    Tellimer Research
    26 July 2018
    Published byTellimer Research
    Q2 18 net profit grew 46% yoy to VND371bn, only half our forecast (VND692bn), largely due to higher operating costs (+32% yoy, with one-off employee bonuses of cVND0.2tn). Continued bad debt resolution helped revenues recover more than expected, which in turn allowed for more prudent provisioning.