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BID released 9M 2023 results with TOI of VND52.4tn (USD2.1bn; +1.0% YoY) and NPAT-MI of VND15.5tn (USD634mn; +10.5% YoY), achieving 67.8% and 68.5% of our full-year 2023 forecasts, respectively. Q3 2023 NPAT-MI was VND4.6tn (-15.5% QoQ & -13.2% YoY). We see no material changes to our earnings forecast for BID, pending a more extensive review.
- 9M 2023 credit growth was 8.3%, with gross loans increasing 8.6% while the corporate bond book decreased 33.4%. Q3 2023 credit growth was 1.5% QoQ.
- 9M 2023 customer deposit growth was 7.5% vs our full-year forecast of 11.0% YoY. In Q3 2023, BID’s CASA ratio increased 1.3 ppts QoQ but decreased 0.5 ppts YoY to 18.3%.
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