HDB released H1 2023 consolidated results with PBT of VND5.5tn (USD233mn; +3.4% YoY), achieving 48% of our FY2023 forecast if we exclude our assumption for one-off bancassurance income of VND5tn. This implies Q2 2023 PBT of VND2.7tn (-1.2% YoY; flat QoQ).