VPB released consolidated results for Q1 2020 with bottom-line net profit totalling VND2.3tn (USD99mn; +62.7% YoY), which achieved 22% our FY2020 forecast. Q1 2020 NII was up 18.2% YoY — achieving 23% our FY2020 forecast — with consolidated NIM at 8.92% (relatively unchanged YoY). Annualized Q1 2020 ROE and ROA stood at 21.3% and 2.4%, respectively. However, due to the prolonged COVID-19 pandemic that we believe will have a negative impact on the consumer finance sector