TPB released its results for H1 2023 with TOI of VND7.6tn (USD320mn; -7.5% YoY) and NPAT of VND2.7tn (USD114mn; -10.7% YoY), achieving 42.7% and 39.3% of our full-year forecasts, respectively. Q2 2023 NPAT was VND1.3tn (-8.5% QoQ and -25.3% YoY). We see potential downside risk to our earnings forecast for TPB, pending a fuller review.

- 6M 2023 credit growth was 6.8%, which was derived from (1) 10.0% loan growth and (2) a 17.2% decrease in TPB’s corporate bond balance. We note that TPB’s corporate bond balance accounted 9.2% of its total credit exposure as of Q2 2023.

- 6M 2023 customer deposit growth was 2.1% vs our full-year forecast of 11.2% YoY. In addition, TPB’s CASA ratio improved by 2.3 ppts QoQ but decreased by 1.7 ppts YoY to 16.4% in Q2 2023.

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