24112021_Banking Sector Update 9M.2021_BSC Sector Research

CREDIT ROOM - GROWTH THROUGH THE ECONOMY OPENING

• Credit growth in 9M.2021 reached 7.42% ytd
• Credit target of 13.0% in 2021 is supported by the loosening of credit target in Q4.2021 for Banks
• SME and Retail are two groups of customers that are strongly influenced when the epidemic returns
• Many banks increased the proportion of corporate bonds
• The increase in CASA will decline the costs of capital
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• Banks have reduced interest rates to support economic growth
• Average lending interest rates were flat
• BSC believes that NIM in 2022 will be +35 bps compared to 2021

• Asset quality has declined due to the pandemic.
• Business results in Q3.2021 are differentiated