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), which was mainly derived from an improvement in IEA yield at the parent bank over the last three quarters. Annualized ROE and ROA stood at 18.2% and 1.5%, respectively.