MBB released consolidated results for 2022 with PBT of VND22.7tn (USD963mn; +38% YoY), which completed 100% of our FY2022 forecast and was driven by (1) a 37.5% YoY increase in NII as well as (2) robust 28.0% YoY growth in gains from trading FX. Q4 2022 PBT was VND4.5tn (USD192mn; -28% vs Q3 2022). Overall, MBB’s bottom line was in line with our expectation.

- 2022 consolidated credit growth was 25.0% YoY, which was derived from (1) 26.7% loan growth and (2) 10.6% growth in corporate bond balances. We note that corporate bond balances decreased 4.5% QoQ in Q4 2022.

- 2022 NIM increased 63 bps YoY to 5.67% vs our forecast of 5.58%. In addition, MBB increased the contribution of its retail loan book to total loan book to 48.2% in Q4 2022 vs 46.1% in Q4 2021, which we believe supported NIM.