VCB released results for FY 2020 with NPAT-MI of VND18.4tn/USD792mn (-0.4% YoY), completing 97.5% of our full-year 2020 forecast. The decline in NPAT-MI was mainly due to a 46.0% YoY surge in provision expenses. Meanwhile, we observe sluggish performance in net interest income (NII) with growth of 4.8% YoY. FY 2020 ROA and ROE were 1.5% and 20.5%, respectively.