CTG released 9M 2023 results with TOI of VND52.2tn (USD2.1bn; +10.2% YoY) and NPAT-MI of VND13.9tn (USD569mn; +9.7% YoY), achieving 71.6% and 70.2% of our full-year 2023 forecasts, respectively. Q3 2023 NPAT-MI was VND3.9tn (-25.8% QoQ & +15.7% YoY). We do not foresee any material changes to our earnings forecasts for CTG, pending a more extensive review.

- 9M 2023 credit growth was strong at 8.7% vs our full-year 2023F forecast of 13.9% YoY. Q3 2023 credit growth was 2.0% QoQ.

- Meanwhile, 9M 2023 deposit growth was slower at 4.9% vs our full-year 2023F forecast of 12.0% YoY. Q3 2023 CASA ratio increased 1.3 ppts QoQ but decreased 0.5 ppts YoY to 20.0%.

- 9M 2023 NIM was 2.88% (-7 bps YoY) vs our full-year forecast of 3.04%. Q3 2023 was relatively flat QoQ at 2.87%.

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