VIB – Current Macro Landscape Poses Challenges To 2023 Profit Growth Prospects
- Although credit growth improved slightly to 3% from 0.8% at the end of Q2/23, the gap with the granted credit growth quota (14.25%) remains large.
- NIM may decline slightly in 2H/2023 to selectively boost credit growth causing NII growth to decelerate.
- Credit risk provisions and provision processing are expected to remain high in the second half of the year to ensure asset quality and bring the NPL ratio down to 2%.
- Given decelerating NII growth and a sharp increase in credit risk provision, the ability to complete the 2023 PBT plan is relatively challenging and will depend more on NFI growth, CIR optimization and recognizing bad debt recoveries income.
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