- Though QoQ credit growth slowed down in Q3 2024, 9M system-wide credit growth of 9% was encouraging. Banks under our coverage reported higher credit growth for 9M 2024 compared to the industry average (11.3% vs 9.0%), with standout performances from private banks like TCB (+17.5%), HDB (+16.6%), ACB (+13.8%), and LPB (+16.1%).

- System-wide deposit growth in 7M 2024 remained weak at around 1.7%. The aggregate CASA ratio for banks under our coverage rose YoY in Q3 (+1.6 ppts) but dipped slightly QoQ (-75 bps) to 23.4%.

- The Q3 2024 aggregate NIM for banks under our coverage declined both YoY and QoQ to 3.43% (-20 bps QoQ; -7bps YoY), marking the lowest quarterly NIM in the past three years. We observe consistent NIM contraction across individual banks under our coverage.

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