MBB released consolidated results for Q1 2020 with the net income totalling VND1.8tn (USD77mn; -7.7% YoY), which achieved 18% our FY2020 forecast. Q1 2020 NII was up 13.6% YoY — achieving 22% our FY2020 forecast — with consolidated NIM at 4.82% (+14 bps Y