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VCB [O-PF +15.6%] - Low NPL burden enables best profit growth of large-cap banks - Update

We issue an OUTPERFORM rating for VCB with a slightly higher target price of VND39,750. The bank should maintain strong profit growth for 2016 and 2017 while active provisioning for VAMC bonds will reduce provision expense in the coming years. VCB has been in the latter phase of bad debts clearing and it will be the first bank to fully provision for VAMC bonds.