ACB released results for H1 2020 with NPAT-MI of VND3.8tn/USD131mn (+5.5% YoY), completing 49% of our 2020 full-year forecast. This result was primarily driven by 13.4% YoY growth in net interest income and a remarkable VND662bn gain in trading of investment securities compared to a loss in H1 2019, which outweighed a rise in provision expense to VND532bn/USD23mn in H1 2020 vs VND95bn/USD4mn in H1 2019 (YoY comparison is distorted given specific provision reversals in H1 2019).