BID released 9M 2022 results with TOI of VND51.9tn (USD2.1bn; +10.1% YoY) and NPAT-MI of VND14.0tn (USD572mn; +67.7% YoY), achieving 75.3% and 83.4% of our FY 2022 forecasts, respectively. The increase in the bottom line was mainly due to (1) a 15.5% YoY increase in NII, (2) 62.0% YoY increase in gains from FX trading and (3) 16.9% YoY decrease in provision expenses, which were partly offset by an 11.6% YoY decrease in pure NFI and 13.3% YoY increase in OPEX.  On a quarterly basis, Q3 2022 NPAT-MI was VND5.2tn (+2.3% QoQ & +2.6x YoY). We see slight potential upside risk to our earnings forecasts for BID, pending a fuller review.

Corporate bond balance decreased QoQ and YoY in Q3 2022, accounting for 0.9% of credit balance. BID recorded Q3 2022 credit growth of 0.7% QoQ, in which loans to customers increased 0.8% QoQ and the corporate bond balance decreased 6.8% QoQ. 9M 2022 credit growth was 10.1% vs deposit growth of 2.5%. 

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