VPB delivered higher-than-expected Q4 2018 results with a FY2018 consolidated bottom line of VND7.4tn (USD320mn, +14.2% YoY), achieving 105% our 2018 forecast. 2018 ROAA and ROAE came in at 2.4% and 22.8%, respectively. The standalone bank finished 2018 with net income growth of 45% YoY. The consolidated and standalone banks recorded NPL ratios in Q4 of 3.5% (+12 bps YoY) and 2.7% (-15 bps YoY) after a spike during 9M 2018. We see no material change in our earnings forecasts and/or target price,