ACB released inline results for FY 2019 with NPAT-MI of VND6.0tn (USD257mn, +16.7% YoY), completing 99% of our 2019 full-year forecast. FY 2019 ROA and ROE stood at 1.7% and 24.6%, respectively. All QoQ figures below are comparisons between Q4 2019 and Q3 2019. Solid 16.9% YoY growth (+10.1% QoQ) in net interest income while NIM remained stable at 3.55%. ACB’s FY 2019 credit growth reached 16.6%. Although interest earning asset (IEA) yields tracked up by seven bps YoY (+7 bps QoQ) to 8.29%