HDB released H1 2022 consolidated results with NPAT-MI of VND4.0tn (USD171mn; +28.3% YoY), achieving 53.7% of our FY2022 forecast. The increase in H1 2022 consolidated NPAT was mainly driven by (1) a 25.8% YoY increase in NII, (2) 68.4% YoY increase in pure NFI, (3) 54.7% YoY increase in gains from trading FX that outweighed (4) a 57.6% YoY surge in provision expenses, and (5) a 19.4% YoY increase in OPEX. This implies Q2 2022 NPAT-MI of VND2.1tn (+8.4% vs Q1 2022). Overall, the bottom line tracked ahead of our expectation. We foresee potential upside to our earnings forecast, pending a fuller review.

- H1 2022 consolidated credit growth was 14.8%, which was derived from (1) consolidated loan growth of 17.0% and (2) a 29.0% decrease in corporate bond balances vs Q4 2021. In addition, the parent bank’s H1 2022 credit growth was 14.6% vs the initial credit quota of 15%. 

- HDS’s H1 2022 loan growth was 17.2% and amounted to VND15.7tn (USD670mn) with its loan book contributing ~6.6% to the consolidated loan book.

Powered by Froala Editor