Preliminary earnings results from many big caps came out over the weekend. The results were mixed: DPM, GAS, HPG, REE, VIC and VNM came out with encouraging results while HAG, CTG, VCB disappointed. The banks in general, are showing weak 1H2012 earnings as credit growth remains very slow and NPLs continue to be the sector’s Achilles heel. Bucking the trend, Military Bank (MBB) reported 25% earnings growth, robust credit growth and slightly improving NPLs.