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VPBank: VPBANK (VPB VN): Q2 18 beats despite revenue shortfall, Buy

    Tellimer Research
    24 July 2018
    Published byTellimer Research
    VPB reported Q2 net profit of VND1.4tn (+32% yoy), 13% ahead of our forecast due to lower operating costs and risk costs, despite revenues missing our expectation. We keep our EPS forecast for 2018f broadly unchanged at VND3,264 but trim 2022f by 4%, mostly due to lower loan growth.