External broker reports(aggregated public sources), Rong Viet Securities

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External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>HDB's Q1/26 results were highlighted by positive credit growth (Parent bank: 7.9%, HD Saison: 9.9%) and customer deposit growth (Parent Bank: 10.8%).</li><li>Credit growth at the Parent bank was led by corporate lending (+10.9% YTD). Retail credit showed positive momentum, growing 4.6% YTD (2025: 3% YTD).</li><li>However, NIM and asset quality weakened, impacted by rising interest rates. Meanwhile, the absence of one-off income (compared to 2025) limited the bank's profit growth. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

HDB's Q1/26 results were highlighted by positive credit growth (Parent bank: 7.9%, HD Saison: 9.9%) and customer deposit growth (Parent Bank: 10.8%).Credit growth at the Parent bank was led by corporate lending (+10.9% YTD). Retail credit showed positive momentum, growing 4.6% YTD (2025: 3% YTD).However, NIM and asset quality weakened, impacted by rising interest rates. Meanwhile, the absence of one-off income (compared to 2025) limited the bank's profit growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDBank

HDB - Outperformance Sustained