- 9M 2023 credit growth was 3.8%, with gross loans increasing 3.9% while the corporate bond book decreased 8.6%. Q3 2023 credit growth was low at 1.0% QoQ. 

- 9M 2023 customer deposit growth was 8.5% vs our full-year forecast of 13.0% YoY. In Q3 2023, VCB’s CASA ratio increased by 1.3 ppts QoQ but decreased 3.6 ppts YoY to 31.3%.

- 9M 2023 NIM decreased 27 bps YoY to 3.13%, which fell behind our full-year forecast of 3.36%. Q3 2023 NIM was 2.96% (-23 bps QoQ).

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