HDB released consolidated results for 9M 2019 with net income totalling VND2.8tn (USD119mn, +19.7% YoY), which achieved 79% our FY2019 forecast. Annualized 9M 2019 ROE and ROA stood at 19.6% and 1.5%, respectively. The core performance was in line with our expectation with 9M 2019 NII and pure net fee income (NFI) achieving 76% and 75% our FY 2019 forecasts, respectively. We do not anticipate any material changes to our earnings forecasts and/or target price, pending a fuller review.