VCB – 1HFY20 earnings slip on heavy provisioning – Update

• VCB’s 2QFY20 net profit grew 5.7% yoy and 10.3% qoq thanks to efficient cost management.
• 1HFY20 net profit slipped 3.1% yoy on surging provision expenses, forming 41.5% of our FY20F forecast which we deem in-line with our expectations.
• We reiterate our Hold rating with an unchanged TP of VND86,200.

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