STB released consolidated results for H1 2020 with bottom-line net profit of VND1.1tn (USD49mn; -1.9% YoY), achieving 37.9% of our FY 2020 forecast. The slight decline in NPAT was mainly due to (1) a VND33bn loss in investment securities, (2) a 75.2% YoY decrease in net other income that may have been caused by a slower recovery rate and (3) a 49.6% YoY increase in provision expense that was partly offset by (1) 22.2% and 13.3% YoY growth in NII and NFI (including FX trading), respectively.