BID – Earnings review – [HOLD] – 2Q24 Solid earnings growth

BID posted positive business results with 2Q24 profit before tax of VND8,159bn, up 17%yoy thanks to 1) Higher operating incomes (+17%yoy) based on improvements in Net interest income (+10%yoy) and non-interest incomes (+45%yoy) 2) controlled operating expenses (2Q24 CIR’s 33% vs 2Q23 CIR’s 37%). Accumulated 1H2024 profit before tax rose by +12%yoy to VND15,549bn (48% of KIS’s estimation).