ACB released good results for Q1 2019 with NPAT of VND1.4tn (USD59mn, +19.3% YoY), completing 23.2% of our 2019 full-year forecast. Annualized Q1 2019 ROA and ROE stood at 1.6% and 25.2%, respectively. NIM surged 18 bps YoY, but dropped on a quarterly basis due to sluggish retail lending expansion and fall in CASA. NIM increased steadily YoY to 3.59%, but fell by 23 bps QoQ. This Q1 number slightly surpassed our FY2019 NIM forecast at 3.55%. Overall, compared to Q1 2018, interest earning asset