BVBank (UPCOM: BVB) | Q3 2025 Update, BUY – FW2026 Upside +26.5%

Record Profit Driven By Robust Credit Growth And Improved Asset Quality

In Q3 2025, BVB delivered results that surpassed expectations, with total operating income (TOI) reaching VND 2,087bn (+23.3% YoY), supported by solid growth in both net interest income (+20.5% YoY) and non-interest income (+52.5% YoY). As a result, pre-tax profit (PBT) surged to VND 343bn, marking the highest quarterly profit in the bank’s history.

For 9M 2025, BVB achieved credit growth of 13.1%. PBT totaled VND 437bn (+2.4× YoY), fulfilling 80.5% of our initial FY2025 forecast and 79.4% of the bank’s full-year target. This strong performance reinforces BVB’s ability to achieve its FY2025 profit target of VND 550bn.

We maintain our financial forecasts for BVB, projecting FY2025 TOI of VND 2,877bn (+16.1% YoY) and NPAT of VND 434bn (+39.5% YoY). For FY2026, our forecasts remain unchanged, with TOI expected at VND 3,469bn (+20.6% YoY) and NPAT at VND 703bn (+61.9% YoY).

Accordingly, we maintain our BUY rating on BVB, with 12-month target price at VND 17,200/share, offering +26.5% upside from the closing price of VND 13,600/share on November 4, 2025. Over the long term (3 years), our target price remains at VND 22,100/share, implying an upside of +62.5%.