VPB released its 2023 results with consolidated PBT of VND11.0tn (USD452mn; -48.2% YoY) vs the parent bank’s PBT of VND13.5tn, which achieves 84% of our full-year forecast. This implies Q4 2023 consolidated PBT of VND2.7tn (-13.1% QoQ). Overall, the botto