VPB released its 9M 2023 results with consolidated PBT of VND8.3tn (USD338mn; -58% YoY) vs the parent bank’s PBT of VND11.0tn, which achieves 64% of our full-year forecast. This implies Q3 2023 consolidated PBT of VND3.1tn (+19.3% QoQ). Overall, the botto