MBB released strong consolidated results for FY2019 with the bottom line totalling VND8.1tn (USD346mn, +30.4% YoY), which achieved 105% our forecast. The slight beat in net income was mainly due to (1) 3% higher-than-expected NII and (2) lower-than-expected CIR. MBB continued to record high return metrics with 2019 ROE and ROA standing at 22.8% and 2.1%, respectively. We do not anticipate any material changes to our earnings forecasts and/or target price, pending a fuller review.