VIB – Stellar 1H20 performance despite the pandemic – Update

• VIB’s 2Q20 net interest income and non-interest income surged 24.1% yoy and 56.7% yoy, respectively, driving 2Q20 net profit up 26.8% yoy.
• 1H20 net profit grew 29.5% yoy to VND1,885bn, forming 53.5% of our FY20F forecast.
  Reiterate ADD with higher TP of VND26,300 on the imminent migration to HOSE.

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