VIB released 9M 2022 results with bottom-line net profit of VND6.3tn (USD255mn; +46.3% YoY), achieving 74% of our FY2022 forecast. The increase in NPAT was mainly due to (1) a 31.3% YoY increase in NII and (2) 17.6% YoY increase in NOII that outweighed (3) a 12.0% YoY increase in OPEX and (4) 1.2 % YoY increase in provision expenses. In addition, Q3 2022 NPAT-MI was VND2.2tn (+1.7% QoQ). Overall, VIB’s 9M 2022 profit was in line with our forecast. 

- 9M 2022 credit growth was 11.8 %, which was derived from (1) gross loan growth of 12.2% and (2) a 17.6% decrease in corporate bond balances from a low base in 2021. VIB’s current credit quota is 13%. 

- 9M 2022 deposit growth was 8.9%, but Q3 2022 customer deposits decreased 4.1% QoQ. In addition, the Q2 2022 CASA ratio was 13.7% vs 16.3% as of YE2021. 

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