VPB released its results for 2022 with consolidated PBT of VND21.2tn (USD903mn;
+48% YoY) vs the parent bank’s PBT of VND24tn, which trails our forecast as it completed only 84% of our FY2022 and implies Q4 2022 consolidated PBT of VND1.4tn (-69% vs Q3 2022). We see potential downside risk to our earnings forecasts, pending a fuller review. 

- 2022 consolidated NII increased 19.4% YoY — achieving 97% of our FY2022 forecast — with consolidated NIM of 7.50% (-13 bps YoY), which was the same with our 2022F NIM.