HDB released 9M 2022 consolidated results with NPAT-MI of VND6.0tn (USD245mn; +32.3% YoY), achieving 75% of our FY2022 forecast. The increase in 9M 2022 consolidated NPAT was mainly driven by (1) a 29.0% YoY increase in NII, (2) 80.1% YoY increase in pure NFI, (3) a 54.7% YoY increase in gains from trading FX that outweighed (4) a 61.1% YoY surge in provision expenses, and (5) a 26.1% YoY increase in OPEX. This implies Q3 2022 NPAT-MI of VND2.0tn (-3.0% vs Q2 2022). Overall, the bottom line was in line with our expectation. 

-  9M 2022 consolidated credit growth was 18.1%, which was derived from (1) consolidated loan growth of 21.3% and (2) a 46.6% decrease in the corporate bond balance vs Q4 2021. As of Q3 2022, corporate bonds accounted for 2.2% of HDB’s consolidated total credit exposure. In addition, the parent bank’s 9M 2022 credit growth was 17.6% vs the current credit quota of more than 23%.