HDB released 9M 2023 consolidated results with PBT of VND8.6tn (USD351mn; +7.7% YoY), achieving 75% of our FY2023. This implies Q3 2023 PBT of VND3.1tn (+16% YoY; +15% QoQ). Overall, the bottom line is in accordance with our forecast.  

- 9M 2023 parent bank’s credit growth was 12.8%. This credit increase derives from (1) loan growth of 12.0% and (2) a 57.8% increase in the corporate bond balance from a low base in Q4 2022. As of Q3 2023, corporate bonds accounted for 2.4% of HDB’s total credit exposure. 

- According to our estimation, HDS’s loan book decreased 8.9% in 9M 2023 to VND15.0tn (USD611mn; -3.5% QoQ) — with its loan book contributing ~5.2% to the consolidated loan book.

- 9M 2023 consolidated deposit growth of 58.3% was abnormally higher than the industry average deposit growth of 5.9% in 9M 2023.

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