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). Total non-interest income (NOII) experienced strong growth of 75.6% YoY, which contributed 30% to TOI. Annualized ROE and ROA stood at 15.8% and 2.6%, respectively.