VCB released results for 9M 2020 with NPAT-MI of VND12.8tn/USD548mn (-9.5% YoY), completing 64.5% of our full-year 2020 forecast (or 70% if we exclude our assumption for bancassurance upfront fees). The decline in NPAT-MI was mainly due to a 25.2% YoY increase in provision expenses. Meanwhile, we observe sluggish performance in both net interest income (NII) and non-interest income (NOII) of -0.4% YoY and -3.9% YoY, respectively. Annualized ROA and ROE from 9M 2020 numbers were 1.4% and 19.5%