VPB released improving consolidated results for H1 2019 with the bottom line totalling VND3.5tn (USD149mn, -0.9% YoY or +22.9% if excluding a one-off gain from a bancassurance upfront with AIA in Q1 2018), achieving 47% our FY2019 forecast. Annualized H1 2019 ROA and ROE stood at 2.2% and 19.5%, respectively. As FE Credit’s (FEC) performance showed positive indications of improving, we see upside risk to our earnings forecasts and/or target price, pending a fuller review.