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VCB - Rise in NIM and strong NoII propel fourth-largest bank - Earnings Flash

VCB released strong results for 9M 2018 with a bottom line of VND9.4tn (USD409mn, +47.1% YoY), achieving 66% of our full-year forecast. NII tracked slightly ahead (71% of our forecast) and a recovery of written-off debt is slightly lagging our expectation (64% of our forecast). In particular, Q3 2018 achieved net earnings of VND2.9tn (USD126mn, +36.9% YoY). Annualized ROAA and ROAE were 1.2% and 19.5%, respectively.