Banking – Note – [NONRATED] – On the path to recovery

Total PBT in 1Q24 (27 banks) increased by +9.5% YoY, driven by improved total operating income (+7.6% YoY) from both net interest income (+8% YoY) and non-interest income (+27% YoY), as well as effective management of operating expenses (OPEX) and provision costs. Business performance was mixed – large and mid-sized joint stock commercial banks outperformed state-owned commercial banks and smaller joint stock commercial banks.