CTG released improved consolidated results for 9M 2019 with the bottom line totalling VND6.8tn (USD293mn, +11.4% YoY), which achieved 90% our FY2019 forecast. Annualized 9M 2019 ROE and ROA stood at 12.8% and 0.8%, respectively. Though the 9M 2019 bottom line signals a strong chance of surpassing our earnings forecast, CTG did not provision for its VAMC balance in Q3 and its full-year bottom line could be pared back as we believe CTG will push to clear the legacy its VAMC balance.