- 2022-07-29T00:00:00
- Company Research
MBB released consolidated results for H1 2022 with PBT of VND11.9tn (USD508mn; +49% YoY), which completed 52% of our FY2022 forecast thanks to (1) a 38.7% YoY increase in NII, (2) 17.5% YoY decrease in provision expenses and (3) robust 68.1% YoY growth in gains from trading FX. This implies Q2 2022 PBT of VND6.0tn (+1.3% vs Q1 2022). Overall, the bottom line tracked slightly ahead of our expectation. We foresee potential upside to our earnings forecast, pending a fuller review. - H1 2022 consolidated credit growth was 14.6%, which was derived from (1) loan growth of 14.3% and (2) 17.3% growth in corporate bond balances. |
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