NPAT up 11.1% YoY in 9M 2020; private banks outperformed SOE banks on bottom-line and share price performance. Vietnamese listed banks’ share prices in aggregate have outperformed the benchmark VN-INDEX YTD by 16 ppts as 2020 is shaping up to be the first year since 2017 in which private banks will outperform SOE banks (as predicted in our mid-year 2020 strategy report). We believe this outperformance is driven by superior bottom-line performance of private banks vis-à-vis SOE banks for 9M 2020.