VIB released H1 2022 results with bottom-line net profit of VND4.0tn (USD172mn; +27% YoY), achieving 48% of our FY2022 forecast. The increase in NPAT was mainly due to (1) 26% YoY higher NII that outweighed (2) a 2.6% YoY decrease in NOII, (3) 9.4% YoY increase in OPEX and (4) 17.4% YoY increase in provision expenses. In addition, Q2 2022 PBT was VND2.7tn (+20.4% QoQ). Overall, VIB’s H1 2022 results are in line with our forecast. 

- 6M 2022 credit growth was 9.7%, which was derived from (1) gross loan growth of 10.0% and (2) a 12.2% decrease in corporate bond balances from a low base in 2021. This implies that VIB has nearly used up its initial credit quota of 10%. 

- 6M 2022 deposit growth was 13.6%. In addition, the Q2 2022 CASA ratio was 13.9% vs 16.3% as of YE2021. 

Powered by Froala Editor