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VPB - Lackluster FE Credit performance salvaged by parent - Earnings Flash

VPB released results for H1 2018 with a consolidated bottom line of VND3.5tn (USD152mn, +35% Y-o-Y, vs 37% Y-o-Y of our current FY2018 forecast) and annualized ROAA and ROAE at 2.5% and 22.4%. FE Credit contributed 36% consolidated earnings in H1 2018. We do not foresee changes to our rating in the next update.