CTG released H1 2023 results with TOI of VND34.8tn (USD1.5bn; +15.9% YoY) and NPAT-MI of VND10.0tn (USD424mn; +7.5% YoY), achieving 50.0% and 52.6% of our full-year 2023 forecasts, respectively. Q2 2023 NPAT-MI was VND5.2tn (+8.3% QoQ & +12.0% YoY). We do not foresee any material changes to our earnings forecasts for CTG, pending a fuller review.

- H1 2023 credit growth was 6.6%, with gross loans rising by 6.6% while the corporate bond book increased 3.7%. Q2 2023 credit growth was 2.0% QoQ. 

- H1 2023 customer deposit growth was 4.9% vs our full-year forecast of 9.0% YoY. In Q2 2023, CTG’s CASA ratio increased 0.6 ppts QoQ but decreased 1.2 ppts YoY to 18.7%.

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