STB released unaudited results for FY2019 with a bottom line of VND2.4tn (USD107mn, +37.1% YoY), surpassing our full-year forecast by 6.2% despite a lower-than-expected 2019 NIM of 2.74%. This earnings growth was mainly driven by (1) 27.5% YoY NFI growth and (2) a surge by VND534bn (or +56.2%YoY) in the other income category. The lack of a specific breakdown for the other income line restrains us from giving a detailed comment