TPB released strong results for Q1 2020 with NPAT-MI of VND809bn (USD34.7mn; +18.6% YoY), completing 20.9% of our 2020 full-year forecast. Annualized ROA and ROE from Q1 2020 numbers were 1.9% and 24.0%, respectively. Net interest income (NII) surged by 34.6% YoY — the highest rise reported so far in our covered banks. TPB achieved credit growth of 9.35% YTD for 3M 2020 — with loan growth of 5.09% YTD for the same period. This credit growth was the highest among our covered banks that have