VPB released Q1 2019 results with a consolidated net income of VND1.4tn (USD61mn, -31.9% YoY), achieving 18% our FY2019 forecast. Taking out the one-off gain from bancassurance upfront in Q1 2018, normalized Q1 2019 net income growth was flat at 0.9% YoY. Annualized Q1 2019 ROA and ROE were 1.8% and 16.0%, respectively. Company AGM documents guide for a 3% net income growth YoY in 2019 (normalized growth of 14%). Income from the recovery of written-off debts was low in Q1 2019 (-22% YoY and -55%