HDB released consolidated results for FY2019 with the bottom line totalling VND4.0tn (USD173mn, +25.6% YoY), which surpassed our forecast by 15%. The beat in net income was mainly due to (1) 7% higher-than-expected NII as HDSaison (HDS) recorded strong loan growth in Q4 and (2) 10% lower-than-expected provision charges. Return metrics at HDB continued to trend up with 2019 ROE and ROA standing at 20.8% (+1.7 ppts YoY) and 1.6% (+0.2 ppts YoY), respectively. We see upside risk to our earnings