HDB released 2023 consolidated results with PBT of VND13.0tn (USD533mn; +26.8% YoY), achieving 110% of our FY2023 and tracking ahead of our expectations mainly due to higher-than-expected NII. This implies Q4 2023 PBT of VND4.4tn (+94.7% YoY; +39.3% QoQ).