BID – Earnings review – [BUY] – Unchanged earnings

1Q25 profit before tax stayed flat, +0.3%yoy to VND7,413bn due to weak operating incomes: modest increase in net interest incomes (+3.0%yoy), investment incomes (+103%yoy), and other incomes (+143%yoy), compensating for lower net fee incomes from services (-9.0%yoy), FX (-41.1%). Meanwhile, the operating expenses (+9.5%yoy) and provision expenses (+4.3%yoy) rose moderately. Actual 1Q25 PBT equaled 96% of KIS’s 1Q25 estimation due to lower net interest margin and net fee incomes, and 21% of KIS’s 2025 forecast.