BID released results for H1 2020 with NPAT-MI of VND3.5tn (USD149mn; -7% YoY), completing 43% of our full-year 2020 forecast. The decline in BID’s bottom line was mainly due to a 9% YoY decrease in net interest income — despite a 5.3% YoY fall in provision expenses in H1 2020. We do not anticipate material changes to our earnings forecast and/or target price, pending a more extensive review. Annualized ROA and ROE from H1 2020 numbers were 0.5% and 8.8%, respectively.