BID – Earnings review – [HOLD] – 3Q24 Cost mitigation

BID posted 3Q24 profit before tax of VND6,498bn, up +10% yoy (from a low base 3Q23)/ -20% qoq. Overall, 3Q24 earnings resulted from (1) lower provision expenses (-25% yoy, -17% qoq) and remaining operating expenses (+4% yoy, -6% qoq). Meanwhile, operating incomes were not bright (1) net interest incomes (+1.5% yoy, -6% qoq) with NIM decline (2) non-interest incomes (-20% yoy, -40% qoq) from a decrease in services (-16% yoy, -24% qoq), FX activities (-56% yoy, -58% qoq) and recorded losses on investments. Accumulated 9M24 profit before tax rose by +11.6%yoy to VND22,047bn, equalling to 69% of KIS’s 2024 estimation.