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VCB released H1 2023 results with TOI of VND36.0tn (USD1.5bn; +10.0% YoY) and NPAT-MI of VND16.4tn (USD695mn; +18.1% YoY), each achieving 45.3% of our respective FY2023 forecasts. On a quarterly basis, Q2 2023 NPAT-MI was VND7.4tn (-17.4% QoQ & +25.0% YoY). We do not foresee any material change to our earnings forecasts for VCB, pending a fuller review.
- H1 2023 credit growth was 2.7%, with gross loans increasing 2.9% while the corporate bond book decreased 8.1%. Q2 2023 credit growth was weak at 0.3% QoQ.
- H1 2023 customer deposit growth was 6.7% vs our full-year forecast of 13.0% YoY. In Q2 2023, VCB’s CASA ratio decreased by 0.4 ppts QoQ and 5.4 ppts YoY to 30.0%.
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