We attended HDB’s AGM on April 26. The meeting’s main agenda was to propose (1) 2023 guidance, (2) dividend plans, (3) an ESOP issuance and (4) a plan to acquire a securities company.

2023 guidance includes credit growth of 24% YoY, funding growth (including customer deposits, interbank deposits & borrowings, valuable papers, and borrowed & entrusted funds) of 25% YoY, the NPL ratio to be kept below 2%, and profit before tax (PBT) of VND13.2tn (USD562mn; +29% YoY). 2023G ROE and ROA are 24.5% and 2.3%, respectively.