Total opearting income growth in Q3/2023 reached 8,424 billion VND (+18.8% YoY). ACB's non-performing loan ratio at the end of Q3/2023 increased slightly to 1.2%, from 1.06% at the end of Q2/2023. Provision expense in Q3/2023 were recorded at VND 521 billion (-35% QoQ). Profit before tax in Q3/2023 reached VND5,035 billion(+12.5% YoY). Cumulative 9 months, ACB’s PBT reached VND15,024 billion, reaching 75% of the whole year 2023 plan. With the residual income (RI) method and comparison method based on P/B, we update the target price for ACB in 2024 to reach 31,800 VND, potential upside at 45.2%.
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