ACB released inline results for Q1 2020 with NPAT-MI of VND1.5tn (USD66mn, +12.5% YoY), completing 22.1% of our full-year forecast. Annualized Q1 2020 ROA and ROE stood at 1.6% and 21.5%, respectively. NIM increased by 9 bps to 3.68% on YoY basis (-5 bps QoQ). Both lending and deposit activities were slow in Q1 2020 with 2.3% and 1.5% YTD growth, respectively. Interest earning asset (IEA) yields tracked up by 23 bps YoY (-17 bps QoQ) to 8.45% in Q1 2020. Meanwhile, cost of funds followed with