ACB – Brief – [NONRATED] – A muted earnings season

3Q24 PBT only grew -4%yoy (to VND4,844bn) due to a significant decrease in non-interest incomes (-43%yoy) despite a moderate growth of net interest incomes (+11%yoy). Non-interest incomes dropped by -43%yoy due to FX activities (-47%yoy) and investment (-88%yoy) from a high-base 3Q23. Meanwhile, operating expenses (+2%yoy) and risk provision expenses (-31%yoy) were manageable. 9M2024 PBT rose +2%yoy to VND15,334bn, completing 70% of the 2024 target.