MBB released consolidated results for FY2017 with a bottom line totalling VND3.5 trillion (USD154 million, +21% Y-o-Y, 19% lower than our forecasts). While the 48% Y-o-Y growth of PPOP in 2017 was in line with our forecast, MBB booked aggressive provisions of VND1.3 trillion (USD58 million, +46% Y-o-Y) in Q4 2017.