LPB released 9M 2023 results with TOI of VND9.1tn (USD373mn; -12.9% YoY) and bottom-line net profit of VND2.9tn (USD120mn; -23.4% YoY), fulfilling 68.9% and 76.4% of our FY2023 forecasts, respectively. LPB’s Q3 2023 NPAT was VND993bn (+40.2% QoQ; +0.6% YoY). We see no material changes to our earnings forecasts for LPB, pending a more extensive review.

- 9M 2023 loan growth was 11.9%, and Q3 2023 loan growth was 4.0% QoQ. We note that LPB did not have a corporate bond balance as of Q3 2023. 

- 9M 2023 customer deposit growth was 5.8% vs our full-year forecast of 12.0% YoY. In Q3 2023, LPB’s CASA ratio increased 1 bps YoY but decreased 94 bps QoQ to 6.3%. We observe that in the past three years, the CASA ratio was usually lowest in Q3.

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