VCB released Q1 2023 results with TOI of VND18.5tn (USD785mn; +10.7% YoY) and NPAT-MI of VND9.0tn (USD381mn; +12.9% YoY), achieving 23.5% and 24.9% of our FY2023 forecasts, respectively. Excluding our assumption for a portion of the upfront banca fee to b