ACB released its 9M 2023 results with TOI of VND24.4tn (USD995mn; 16.8% YoY) and NPAT of VND12.0tn (USD491mn; +11.3% YoY), achieving 72.3% and 76.7% of our full-year forecasts, respectively. Q3 2023 NPAT was VND4.0tn (+4.4% QoQ & +12.6% YoY). We do not foresee material changes to our earnings forecasts for ACB, pending a more thorough review.

- ACB’s 9M 2023 consolidated bank credit growth was 8.7% vs it credits quota of 14.5%. Q3 2023 credit growth alone was 3.62%. We note that ACB does not have any corporate bonds in its credit balance.

- 9M 2023 customer deposit growth was 7.6% vs our full-year forecast of 10.0% YoY and was in line with credit growth. ACB’s Q3 2023 CASA ratio slightly decreased to 20.6% from 20.9% in Q2 2023.  

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