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VPB - Modest Q1 bottom-line growth - Earnings Flash

VPB released results for Q1 2018 with a consolidated bottom line of VND2.1tn (USD92mn, +36% Y-o-Y, in line with our forecasts) with annualized ROAA and ROAE at 3.0% and 27.3%, respectively. We do not foresee changes to our current target price in the next update. Net interest income (NII) increased 25% Y-o-Y with consolidated and standalone NIM at 9.1% (vs FY2017 at 8.8%) and 4.4% (vs FY2017 at 4.6%). NII contributed 79% to TOI due to high NIMs.