TCB released consolidated results for 9M 2020 with net profit totalling VND8.6tn (USD368mn; +20.6% YoY), which achieved 82% our FY2020 forecast. 9M 2020 NII and pre-provision operating profit (PPOP) were up 32% and 37% YoY, which achieved 79% and 80% our FY2020 forecast, respectively. 9M 2020 total non-interest income (NOII) was up 38%, which contributed 31% to TOI and achieved 84% our full-year forecast. We see upside risk to our earnings forecasts and/or target price, pending a more extensive