CTG released Q1 2023 results with TOI of VND17.0tn (USD721mn; +21.0% YoY) and NPAT-MI of VND4.8tn (USD204mn; +3.1% YoY), achieving 24.6% and 26.1% of our FY2023 forecasts, respectively. The increase in the bottom line was mainly due to (1) a 24.8% YoY increase in NII and (2) 53.9% YoY increase in NFI (including gains from FX trading), which were partly offset by a 51.9% YoY increase in provision expenses. We see no material changes to our earnings forecasts for CTG, pending a fuller review.

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