VCB released results for H1 2020 with NPAT-MI of VND8.8tn (USD377mn; -3.1% YoY), completing 44% of our full-year forecast (or 47.4% if we exclude our assumption for bancassurance upfront fees). The decline in NPAT-MI was mainly due to 20.9% YoY increase in provision expenses. Meanwhile, we observe muted growth in net interest income and fee income of 0.2% and 6.4%, respectively. Annualized ROA and ROE from H1 2020 numbers were 1.5% and 20.6%, respectively