BID_2Q22 Results

BID reported 2Q22 PATMI of VND5.2 tn (+46% QoQ/+43% YoY), largely driven by high net interest income and lower provisioning. 1H22 PATMI reached VND8.8 tn (+39% YoY), fulfilling 55% of our 2022E forecast.

Details

Loans to customers increased by 9% YTD to reach VND1,483 tn, while deposits increased by only 2% YTD to reach VND1,406 tn as at 2Q22.

2Q22 net interest income (net-II) was VND14.6 tn (+14% QoQ/+13% YoY). 1H22 net-II reached VND27.4 tn (+16% YoY). We estimate 2Q22 NIM on average assets was 3.1% (+21bps QoQ/-18bps YoY).

2Q22 net fee income was VND1.5 tn (+18% QoQ/-14% YoY). 1H22 net fee income was VND2.8 tn (-13% YoY).

Net gains from FX reached VND624 bn in 2Q22 (+7% QoQ/+54% YoY). 1H22 results were VND1.2 tn (+54% YoY).

Opex was VND5.2 tn in 2Q22 (+20% QoQ/+26% YoY). We estimate adj. CIR was 31% (+2ppt QoQ/+4ppt YoY). 1H22 opex was VND9.5 tn (+17% YoY).

Provisioning was VND6.4 tn (-14% QoQ/-25% YoY), which was key earnings driver in 2Q22. 1H22 provisioning was VND13.8 tn (-12% YoY).

Net other incomes (mainly NPL recoveries) were VND1.3 tn (-8% QoQ/-39% YoY). 1H22 net other incomes were VND2.8 tn (-30% YoY).

NPL ratio was 1.02% (+5bps QoQ/-61bps YoY) in 2Q22. LLR ratio increased to 263% (+3ppt QoQ/+130ppt YoY) in 2Q22.

CASA deposits were VND278 tn (-2% QoQ/+16% YoY). CASA ratio was 19.8% as at 2Q22 (-50bps QoQ/+1.2ppt YoY).

For the complete report, please access here: BID_2Q22_Results highlights

Analyst: Tanh Tran, tanh.tran@yuanta.com.vn