VPB released its H1 2023 results with consolidated PBT of VND5.2tn (USD220mn; -66% YoY) vs the parent bank’s PBT of VND7.9tn, which tracked behind our forecast as it completes only 37% of our FY2023. These results imply Q2 2023 consolidated PBT of VND2.6tn (+2.5% QoQ).

-  We estimate the parent bank’s H1 2023 credit growth (including customer loans and corporate bonds) was 13.0%. As of Q2 2023, the corporate bond balance at the parent bank decreased 14% vs 2022 to VND28.2tn (USD1.2bn; flat QoQ), accounting for 9.3% of the total credit balance.
- H1 2023 consolidated deposit growth was 27.9%. In addition, VPB’s Q2 2023 consolidated CASA ratio was 14.6% (-4.4 ppts YoY & +0.4 ppts QoQ).