VPB released consolidated results for 9M 2019 with the bottom line totalling VND5.7tn (USD247mn, +17.4% YoY or +36.3% excluding a one-off gain from a bancassurance upfront with AIA in Q1 2018), which achieve 77% our FY2019 forecast. Annualized 9M 2019 ROE and ROA stood at 21.2% and 2.3%, respectively. We do not anticipate any material changes to our earnings forecasts and/or target price, pending a fuller review.