HDB’s 4Q23 Analyst Meeting_Key Takeaways

HDB posted 4Q23 PATMI of VND3.3 tn (+35% QoQ/+93% YoY), which was attributable to strong net-interest income. 2023 PATMI was VND10.1 tn (+30% YoY), fulfilling 108% of our 2023E forecast.

Credit increased by +32%, and deposits jumped by +62% in 2023. SMEs was the key loan growth driver in 4Q23 with 53.7% of the total loans (+3.9ppt QoQ), followed by retails with 39.0% (-3.2ppt QoQ), consumer finance (i.e., HDSaison: 4.7%, -50bps QoQ), and large corporates with 2.6% (-20bps QoQ). The bank expects credit growth to be at least 20% in 2024.

For the complete report, please access here: HDB_4Q23_Analyst Meeting_Key Takeaways

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