HDB released H1 2023 consolidated results with PBT of VND5.5tn (USD233mn; +3.4% YoY), achieving 48% of our FY2023 forecast if we exclude our assumption for one-off bancassurance income of VND5tn. This implies Q2 2023 PBT of VND2.7tn (-1.2% YoY; flat QoQ). Overall, the bottom line was in line with our forecast.

- H1 2023 consolidated credit growth was 9.3%, which was derived from (1) consolidated loan growth of 8.9% and (2) a 34.2% increase in the corporate bond balance from a low base in Q4 2022. As of Q2 2023, corporate bonds accounted for 2.0% of HDB’s consolidated total credit exposure. 

- According to our estimation, HDS’s loan book decreased 7.4% in H1 2023 to VND15.6tn (USD663mn; +0.4% QoQ) — with its loan book contributing ~5.4% to the consolidated loan book.

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