VPB released its 9M 2023 results with consolidated PBT of VND8.3tn (USD338mn; -58% YoY) vs the parent bank’s PBT of VND11.0tn, which achieves 64% of our full-year forecast. This implies Q3 2023 consolidated PBT of VND3.1tn (+19.3% QoQ). Overall, the bottom line aligns with our current forecast for stronger performance in H2 2023. Additionally, FEC’s result exceeded our expectations, as we had anticipated FEC to only start making a profit in 2024F.

- We estimate the parent bank’s 9M 2023 credit growth (including customer loans and corporate bonds) to be 22.2%. As of Q3 2023, the corporate bond balance at the parent bank decreased 14.4% vs 2022 to VND28.1tn (USD1.1bn; flat QoQ), accounting for 5.8% of the total credit balance.
- 9M 2023 consolidated deposit growth was 39.0%. In addition, VPB’s Q3 2023 consolidated CASA ratio was 16.8% (-2.2 ppts YoY & +1.8 ppts QoQ).