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.
- H1 2022 credit growth of the parent bank was 14.5% vs the initial credit quota of 15%. Similar with VPB and TCB, corporate bond balances at MBB’s parent bank also decreased 1.3% QoQ — though we note this drop was much more muted than what occurred at TCB and VPB. Meanwhile, MBB increased the contribution of its retail loan book to 48.51% in Q2 2022 vs 45.98% in Q4 2021, which we believe supported NIM.