ACB released its H1 2023 results with TOI of VND15.9tn (USD673mn; 15.8% YoY) and NPAT of VND8.0tn (USD338mn; +10.7% YoY), achieving 47.2% and 51.0% of our full-year forecasts, respectively. Q2 2023 NPAT was VND3.9tn (-6.3% QoQ & -2.0% YoY). We do not foresee material changes to our earnings forecasts for ACB, pending a fuller review.

- ACB’s H1 2023 consolidated bank credit growth was 4.9% vs it credit quota of 14.5%, and the main contributors were the SME and corporate segments. We note that ACB does not have any corporate bonds in its credit balance.

- H1 2023 customer deposit growth was 4.5% vs our full-year forecast of 10.0% YoY and was in line with credit growth. In addition, ACB’s Q2 2023 CASA ratio edged up to 20.9% from 20.2% in Q1 2023. 

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