MBB – Robust overall growth – Update

• 9M19 net profit rose 27.9% yoy to VND6,142bn driven by strong growth in all segments and was above at 82.1% of our previous full-year forecast.
• Stellar PPOP growth of 36% yoy in 9M19 was underpinned by NIM expansion and CIR improvement.
• We maintain our Add rating with a higher TP of VND34,300.

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