STB released consolidated results for H1 2023 with TOI of VND13.5tn (USD574mn; +20.3% YoY) and bottom-line net profit of VND3.8tn (USD162mn; +84.1% YoY), achieving 43.1% and 46.2% of our FY2023 forecasts, respectively. Excluding our upfront banca fee assumption, H1 2023 net profit completed 54.9% of our full-year forecast. On a quarterly basis, STB reported Q2 2023 NPAT of VND1.9tn, increasing 1.3% QoQ and 139.5% YoY. We foresee no material change to our earnings forecast for STB, pending a fuller review.

- H1 2023 loan growth was 5.0%, and Q2 2023 loan growth was 2.7% QoQ. We note that STB did not have a corporate bond balance as of Q2 2023. 

- H1 2023 customer deposit growth was strong at 10.3% vs our full-year forecast of 15.0%. In Q2 2023, STB’s CASA ratio decreased 0.4 ppts QoQ and 5.6 ppts YoY to 17.0%.

- H1 2023 NIM surged 201 bps YoY from a low base to 4.26% vs our full-year forecast of 4.23%. Q2 2023 NIM was 4.18% (-22 bps QoQ).

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