CTG released consolidated results for Q1 2020 with net income totalling VND2.4tn (USD103mn; -5.3% YoY), which achieved 23% our FY2020 forecast. The negative growth of net income was mainly driven by a surge in provision expenses, which were up 35.5% YoY. Annualized Q1 2020 ROE and ROA stood at 12.3% and 0.8%, respectively. Official NPL statistics displayed seasonality due to the Tet Holiday, which is typical of banks that have reported so far in Q1. However, a 67-bp QoQ jump is quite a large in