BID released H1 2023 results with TOI of VND34.8tn (USD1.5bn; +1.2% YoY) and NPAT-MI of VND10.9tn (USD462mn; +24.8% YoY), achieving 45.5% and 51.9% of our full-year 2023 forecasts, respectively. Q2 2023 NPAT-MI was VND5.4tn (-0.8% QoQ & +5.2% YoY). We do not foresee any material changes to our earnings forecasts for BID, pending a fuller review.

- H1 2023 credit growth was 6.7%, with gross loans increasing 7.0% while the corporate bond book decreased 28.6%. Q2 2023 credit growth was 1.8% QoQ. 

- H1 2023 customer deposit growth was 4.9% vs our full-year forecast of 9.0% YoY. In Q2 2023, BID’s CASA ratio increased 0.8 ppts QoQ but decreased 2.8 ppts YoY to 17.0%.

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