• H1 2024 system-wide credit growth was 6.0%, a significant improvement from 0.9% in Q1 2024. Banks under our coverage reported higher H1 2024 credit growth compared to the overall industry (8.1% vs 6.0%), with very strong growth at private banks such as TCB (+12.9%), HDB (+13.0%), ACB (+12.8%), and LPB (+ 15.2 %).
• System-wide deposit growth in 5M 2024 was weak at 0.4%. Meanwhile, H1 2024 deposit growth at banks under our coverage was 4.8%. The Q2 2024 aggregate CASA ratio of the banks under our coverage increased by 0.5 ppts QoQ and 3.0 ppts YoY to 24.2%.
• Q2 2024 aggregate NIM of banks under our coverage increased 8 bps QoQ to 3.63% (+7 bps YoY). The QoQ increase in aggregate NIM was mainly driven by private banks VPB, MBB, TCB, and HDB.

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