Equity Report

VIB – Update – Positive outlook following improvements in asset quality

Posted: Mar 13, 2026

We forecast that VIB could achieve profit growth of over 25% in 2026, driven by a recovery in NIM and lower provisioning expenses.
Rising NPL pressure is expected to be less significant from 2026 onward, thanks to proactive provisioning and active resolution efforts over the past two years.t;
We upgrade our rating to ADD for VIB, as its P/B valuation has fallen to a low range versus the 3-year average, while earnings growth prospects remain positive.