Fundamental Analysis
| Growth & efficiency 11,5 / 36 | Risk & capital safety 12 / 32* | Valuation & stress test 16 / 24 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Criterion | C1Δ adj. NIM | C2Fee income | C3CIR | C4PPOP & accrued | C5CASA | C6Hidden NPL | C7NPL coverage | C8LDR & SML | C9Market sensitivity | C10Capital | C11Accrued / AEA | C12Stress test | C13P/B discount | C14RIM discount |
| Value | −111 bps | 20,2% | 21,7% | −1,2% | 8,1% | 3,1% | 78,5% | 98,7% | 19,2% | 7,8% | 2,3% | 12,1% | 21,0% | −1,3% |
| Points | 0 / 10 | 8 / 8 | 2,5 / 6 | 0 / 6 | 1 / 6 | — / 8 | 2,5 / 6 | 0 / 6 | 5 / 6 | 4,5 / 8 | 0 / 6 | 6 / 6 | 8 / 10 | 2 / 8 |
| Relative Valuation | Quarterly results · 2026-Q2 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Adjusted NIM | Adj. NIM YoY | Sustainable ROE | Adj. P/B | P/B discount | RIM discount | TOI (bn) | TOI YoY | NPAT (bn) | NPAT YoY |
| 0,91% | −111 bps | 10,0% | 0.83 | +21,0% | −1,3% | 9.721 | −6,0% | 3.562 | −2,3% |
- −2 · Accrued interest above 20% of TOI
- −2 · LDR above 85% or CAR below 8.5%
Scored on the bank rubric: growth and efficiency (A, 36 points), risk and capital safety (B, 40), valuation and stress test (C, 24). Red flags are deducted separately and shown as risk points.
Financial charts
1.Solvency & Capital Buffer
1.Solvency & Capital Buffer
2.Liquidity & Maturity Mismatch
3.Asset Quality & Credit Migration
4.Hidden NPL & Accrued Interest
5.Asset & Funding Structure
6.Spread Dynamics & Risk-Adjusted NIM
7.Revenue Structure & Diversification
8.Operational Efficiency
9.DuPont Profitability Decomposition
10.Valuation & Excess Return Matrix
27 banks placed; 12 labelled. The diagonal is the sector benchmark (Ke 0,1%, g 0,1%); the dashed horizontal is the sector median adjusted P/B. Book value is reduced by unprovisioned classified debt and overdue accrued interest, after tax.
The per-bank target P/B is not shown: it needs a cash dividend payout ratio, which no source we hold publishes. The quadrants use sector constants and do not depend on it.
Cost of equity per bank = risk-free 0,0% + Blume-adjusted beta × equity risk premium 0,1%; beta is two years of weekly returns against the VN-Index. The risk-free rate is a fixed assumption, not an observed yield.
Source: vnstockData through Q2/26