CTG – Brief – [NONRATED] – Repeated constraint from higher provision expenses

2Q24 PBT only climbed by +3.0%yoy to VND6,750bn thanks to higher net interest incomes (+20%yoy) and controlled OPEX (2Q24 CIR: 26% vs 2Q23: 27%), compensating by a significant increase in provision expenses (+21%yoy) and non-interest incomes (-14%yoy). 1H24 PBT rallied by +3.4%yoy to VND12,960bn, fulfilling 45% of the 2024 target.