VIB released 2022 results with PBT of VND10.6tn (USD448mn; +32.1% YoY), achieving 103% of our FY2022 forecast. The increase in PBT was mainly due to (1) a 26.6% YoY increase in NII and (2) 19.9 % YoY decrease in provision expenses that outweighed (3) a 17.3% YoY increase in OPEX. In addition, Q4 2022 PBT was VND2.8tn (-0.9% QoQ). Overall, VIB’s 2022 profit was in line with our forecast.

- 2022 credit growth was 14.5% YoY, which was derived from (1) gross loan growth of 15.1% YoY and (2) a 29.2% YoY decrease in corporate bond balances from a low base in 2021.

- 2022 deposit growth was 15.3% YoY vs our full-year forecast of 12% YoY. Furthermore, the 2022 CASA ratio was 13.8% vs 16.3% as of YE2021.