VPB released consolidated results for H1 2020 with net profit totalling VND5.3tn (USD226mn; +51.7% YoY), which achieved 64% our FY2020 forecast. H1 2020 NII was up 8.8% YoY — achieving 48% our FY2020 forecast — with consolidated NIM at 8.47% vs our 2020F NIM at 8.85%. The strong H1 2020 consolidated net income growth was mainly derived from (1) a decrease in CIR (-4.8 ppts YoY) and (2) contained provision expenses (-0.6% YoY). We do not anticipate material changes to our earnings forecasts