MBB released consolidated results for 9M 2022 with NPAT-MI of VND14.0tn (USD573mn; +53.2% YoY), which completed 78% of our FY2022 forecast thanks to (1) a 38.7% YoY increase in NII, (2) 25.9% YoY decrease in provision expenses and (3) robust 46.5% YoY growth in gains from trading FX. This implies Q3 2022 NPAT-MI of VND4.9tn (USD199mn; +5.5% vs Q2 2022). Overall, MBB’s bottom line was in line with our expectation.

9M 2022 consolidated credit growth was 17.1%, which was derived from (1) 17.2% loan growth and (2) 15.8% growth in corporate bond balances.

9M 2022 credit growth of the parent bank was 16.9% vs the current credit quota of more than 23%. Similar with VPB and TCB, corporate bond balances at MBB decreased 1.3% QoQ and accounted for 10.3% of the bank’s total credit balance — though we note this drop was much more muted than what occurred at TCB and VPB. Meanwhile, MBB increased the contribution of its retail loan book to 48.4% in Q3 2022 vs 46.1% in Q4 2021, which we believe supported NIM.