CTG released improving consolidated results for H1 2019 with the bottom line totalling VND4.3tn (USD185mn, +1.3% YoY), achieving 56% our FY2019 forecast. Annualized H1 2019 ROA and ROE stood at 0.7% and 12.3%, respectively. We expect high net income growth in 2019 as there was a negative one-off hit to NII in Q4 2018. As we believe provision charges will continue to increase in H2 2019 in order to resolve its VAMC balance, we do not anticipate any material changes to our earnings forecasts