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VCB - Earnings flat, write-offs continue - Earnings Flash

VCB released consolidated earnings results for 2012 on Feb 19th. For the full year of 2012, net interest income declined whereas other activities remained stable. Provision expense were at the same level as in 2011. VCB is now trading on a PBR of 1.9x vs. 1.5x for its peers. Although VCB deserves a premium within the sector given its stability and conservative approach towards asset quality, we still see the current price as expensive and recommend VCB as a REDUCE.