HDB released 2022 consolidated results with NPAT-MI of VND7.8tn (USD328mn; +28.0% YoY), achieving 98% of our FY2022 forecast. The increase in 2022 consolidated NPAT was mainly driven by (1) a 29.7% YoY increase in NII and (2) 53.4% YoY increase in pure NFI, which outweighed (3) a 33.1% YoY surge in provision expenses and (4) a 35.2% YoY increase in OPEX. Q4 2022 NPAT-MI was VND1.7tn (-13.9% vs Q3 2022). Overall, the bottom line was in line with our expectation.

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