ACB released its H1 2025 results, reporting TOI of VND17.2tn (USD661mn; +2.3% YoY) and PBT of VND10.7tn (USD411mn; +1.9% YoY), completing 49% and 47% of our respective full-year forecasts. On a QoQ basis, Q2 2025 TOI and PBT increased 17.4% and 32.6%, respectively. These increases were driven by the stronger credit growth in Q2 vs Q1 and strong recovery income. Overall, ACB’s results tracked in line with our expectations, pending a fuller review.
- H1 2025 credit growth reached 9.1%, slightly below the system-wide growth of 9.9% as growth in the retail and SME segments lagged behind the corporate segment. However, ACB’s Q2 2025 credit growth showed a significant improvement from Q1 (which recorded at only 3.1% in 3M 2025), indicating that (1) the retail and SME segments are showing signs of recovery, and (2) ACB is actively expanding its corporate customer base. Over the past three months, we have seen ACB establish partnerships with Vietnam Airlines (HVN) and Vietnam National University Ho Chi Minh City—one of the largest university systems in Vietnam.
- H1 2025 customer deposit growth was (5.6%), while total funding growth (including customer deposits and valuable papers) was 10.6%, surpassing credit growth. Additionally, ACB’s CASA in Q2 2025 was 22.0% (flat QoQ and YoY).
- H1 2025 NIM decreased 84 bps YoY to 2.96% vs our full-year forecast of 3.11%. However, on a QoQ basis, we see a slight improvement by 4 bps QoQ to 2.98% despite the stronger credit growth in Q2 2025. We expect ACB’s NIM to improve further in H2 2025 following the stronger recovery in the credit demand of the retail segment and as the bank starts to provide credit to SME customers based on cash flow rather than real estate collateral.
- H1 2025 NOII was VND4.2tn (+39.4% YoY), completing 58.3% of our full-year forecast. This strong NOII was driven by (1) a YoY doubling in other income – mainly in recovery income, and (2) a strong gain from FX and investment activities. In contrast, ACB’s pure NFI decreased 10.2% YoY, following the same trend with other banks that have released Q2 financial statements (VPB and TCB).
- Asset quality significantly improved across all key metrics in Q2 2025. The NPL ratio declined to 1.28% vs 1.50% in the previous quarter. The LLR ratio improved by 2.8 ppts QoQ to 75% in Q2 2025 and the Group 2 loans ratio was 0.48% (-24 bps QoQ). ACB wrote off VND1.7tn of loans in H1 2025 - equivalent to a write-off rate over gross loans ratio of 0.28%.
- H1 2025 CIR was 31.5%, unchanged compared to the previous year.
- ACB’s ROE rebounded to 22.0% in Q2 2025, placing it among the highest in our coverage.
ACB’s consolidated H1 2025 results
VND bn | H1 2024 | H1 2025 | YoY | Q2 2024 | Q2 2025 | YoY |
NII | 13,833 | 13,043 | -5.7% | 7,112 | 6,684 | -6.0% |
Non-interest income | 2,987 | 4,164 | 39.4% | 1,541 | 2,609 | 69.3% |
TOI | 16,820 | 17,207 | 2.3% | 8,652 | 9,293 | 7.4% |
OPEX | (5,230) | (5,428) | 3.8% | (2,466) | (2,736) | 11.0% |
PPOP | 11,591 | 11,779 | 1.6% | 6,186 | 6,556 | 6.0% |
Provision expenses | (1,100) | (1,089) | -1.0% | (588) | (463) | -21.3% |
PBT | 10,491 | 10,690 | 1.9% | 5,598 | 6,093 | 8.8% |
NPAT-MI | 8,374 | 8,559 | 2.2% | 4,469 | 4,881 | 9.2% |
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Loan growth** | 12.8% | 9.1% | -3.7 ppts | 8.7% | 5.8% | -2.9 ppts |
Deposit growth** | 6.0% | 5.6% | -0.4 ppts | 3.8% | 3.1% | -0.7 ppts |
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NIM | 3.80% | 2.96% | -84 bps | 3.88% | 2.98% | -90 bps |
Interest-earning asset yield | 6.72% | 6.26% | -46 bps | 6.81% | 6.39% | -42 bps |
Cost of funds | 3.28% | 3.75% | 47 bps | 3.29% | 3.88% | 59 bps |
CASA ratio* | 21.6% | 22.0% | 42 bps | 21.6% | 22.0% | 42 bps |
CASA ratio plus term deposits in FX | 21.8% | 22.2% | 40 bps | 21.8% | 22.2% | 40 bps |
CIR | 31.1% | 31.5% | 46 bps | 28.5% | 29.4% | 0.9 ppts |
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NPLs / Gross loans | 1.50% | 1.28% | -22 bps | 1.50% | 1.28% | -22 bps |
Group 2 loans / Gross loans | 0.54% | 0.48% | -6 bps | 0.54% | 0.48% | -6 bps |
Accrued interest / IEAs | 0.52% | 0.65% | 13 bps | 0.52% | 0.65% | 13 bps |
Source: ACB, Vietcap — *CASA volume includes demand deposits and margin deposits; ** H1 2025 and H1 2024 loan and deposit growth is 6M growth.
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