While total operating income in 9M/2023 only increased by about 4.8% YoY, VCB's pre-tax profit in 9M/2023 still grew well thanks to the reduction in credit risk provision expenses, reaching VND 29,550 billion (+18.49% YoY) and completed 70% of the year's profit plan. We expect lending interest rates will likely remain at current level and there will be little room for further reduction. Therefore, VCB's NIM will facing less pressured in 2024. We lower our forecast for credit growth in 2023 to 8%. In 2024, we expect the bank to recover clearly with a growth rate of 13%. VCB's 2023 EBT can reach around VND 42,130 billion, closely following the bank's target growth plan of about 15% YoY; next year we expect PBT of VCB could grew about 18% YoY.
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