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Banking Sector Poised for Growth in 2024 Amid Economic Recovery

Banking Sector Poised for Growth in 2024 Amid Economic Recovery

Analysts from VNDirect Securities highlight the banking sector as a key area for investor attention through 2024, citing attractive valuations and the potential for credit growth to exceed targets. While the real estate sector struggles, banks are expected to thrive, benefiting from expanding net interest margins (NIM) and stable lending rates. Viet Dragon Securities analysts predict that the banking sector will lead market growth, with credit growth anticipated to reach 14-15% as the economy rebounds. The reduction of bad debt and improved pre-provisioning profit figures will further strengthen banks' balance sheets. In Q2 2024, banks reported a 22.6% year-on-year profit growth, with forecasts suggesting a 20% increase in pre-tax profits for the year. Despite potential risks from inflation and foreign investor withdrawals, the overall sentiment remains positive, bolstered by expectations surrounding the US presidential election and its impact on financial markets.

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