VPB released its consolidated results for 9M 2022 with PBT of VND19.8tn (USD810mn; +69% YoY), which achieved 75% of our FY2022. If we exclude the abnormal income from AIA’s bancassurance supporting fee of around VND5.5tn recorded in Q1 2022, consolidated business-as-usual PBT in 9M 2022 completed around 69% of our full-year forecast, which implies Q3 2022 PBT of VND4.5tn (+7% vs Q2 2022). We see no major changes to our 2022F earnings forecasts, pending a fuller review. 

- 9M 2022 consolidated NII increased 19.0% YoY — achieving 73% of our FY2022 forecast — with consolidated NIM of 7.77% (-44 bps YoY) vs our 2022F NIM of 7.39%. 

- 9M 2022 consolidated loan growth was 13.3%, which was derived from (1) 14.7% loan growth at the parent bank and (2) 8.2% loan growth at VPB’s subsidiaries (including FEC and VPBank Securities). 9M 2022 parent bank credit growth was 15.4%. As of Q3 2022, the corporate bond balance at the parent bank increased 19% vs 2021 to VND33.0tn (USD1.3bn); however, it decreased 11% vs Q2 2022. The loan growth of FEC picked up in Q3 2022 as its 9M 2022 loan growth was around 3.4% according to our estimation; meanwhile, FEC’s loan book as of Q2 2022 was relatively flat vs 2021.

Powered by Froala Editor