TPB released Q1 2023 results with TOI of VND3.7tn (USD155.7mn; +1.2% YoY) and bottom-line net profit of VND1.4tn (USD60.1mn; +8.7% YoY), achieving 20.4% and 21.8% of our FY 2023 forecasts, respectively. The slight increase in NPAT was mainly due to (1) a 17.5% YoY increase in pure NOII and (2) a 58.3% YoY decrease in provision expenses, which outweighed (1) a 3.4% YoY decrease in NII and (2) 27.6% YoY increase in OPEX. 

On a QoQ basis, Q1 2023 NPAT decreased 7.0% because of (1) a 1.5% QoQ decrease in NII, (2) 14.8% QoQ drop in pure NFI and (3) 62.1% QoQ slide in net other income that outweighed an 87.6% QoQ improvement in trading FX activities. We see no material change to our earnings forecast, pending a more extensive review.