TCB released consolidated results for Q1 2020 with net income totalling VND2.5tn (VND107mn; +19.8% YoY), which achieved 22% our FY2020 forecast. Q1 2020 NII was up 25.4% YoY — achieving 23% our FY2020 forecast — with consolidated NIM at 4.67% (+25 bps YoY