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CTG - Reliance on costly funding sources compressed NIM - Earnings Flash

CTG released results for H1 2018 with a consolidated bottom line at VND4.2tn (USD184mn, +8.5% Y-o-Y) with annualized ROAA and ROAE at 0.8% and 12.7%, respectively. We will revise downward our rating in the next update because of the bank’s heavy reliance on relatively expensive valuable papers while still being heavily obligated to carry out policy lending.