BID released Q1 2023 results with TOI of VND17.3tn (USD732mn; +6.5% YoY) and NPAT-MI of VND5.5tn (USD232mn; +53.1% YoY), achieving 22.4% and 26.2% of our FY2023 forecasts, respectively. The increase in the bottom line was mainly thanks to (1) an 8.7% YoY increase in NII, (2) 17.8% YoY increase in NFI (including gains from FX trading) and (3) a 25.2% YoY decrease in provision expenses. These were partly offset by (1) a 33.0% YoY decrease in net other income and (2) an 11.8% YoY increase in OPEX. We see no material change to our earnings forecasts for BID, pending a fuller review.