TPB released upbeat results for Q1 2019 with NPAT of VND682bn (USD29mn, +33.0% YoY), completing 30.7% of our 2019 full-year forecast. Annualized Q1 2019 ROA and ROE stood at 2.0% and 24.8%, respectively. Net interest income surged by 37.6% YoY; total credit exposure grew 11.1% in Q1 2019. By the end of Q1 2019, TPB has consumed 85% of its “initial” credit allowance recently given by the SBV at 13%. Thus, TPB is the most aggressive lending bank among peers that have reported so far