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MBB - Strong bottom-line growth on non-NII, less provisioning - Earnings Flash

MBB released consolidated results for Q1 2018 with the bottom line totalling VND1.5tn (USD68mn, +74% Y-o-Y, in line with our forecasts). Annualized ROAA and ROAE were 2.0% and 20%, respectively. MBB has fully provisioned for its VAMC balance, allowing the bank to ease its provision expenses this year. Core business performance was strong, and coupled with well-managed CIR, we do not see any change in our rating in the next update.