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CTG - Aggressive provisioning drives down bottom line growth - Earnings Flash

Summary – CTG released results for Q2 2017 with net interest income at VND7.3 trillion (USD325.3 million, +18.7% Q-o-Q and +24.3% Y-o-Y), while loan growth and deposit growth were at 4.6% Q-o-Q and 4.0% Q-o-Q, respectively. Most ratios did not show significant improvement Y-o-Y and Q-o-Q and were in line with our forecast. We do not foresee any change to our BUY rating for CTG.