HDB released consolidated results for Q1 2020 with net income totalling VND1.0tn (VND43mn; +13.9% YoY), which achieved 21% our FY2020 forecast. Q1 2020 NII was up 42.1% YoY — achieving 25% our FY2020 forecast — with consolidated NIM at 5.30% (+123 bps YoY