VIB – Robust 1Q20 growth on flat provisioning – Update

• VIB posted robust 1Q20 net profit growth (+32.8% yoy) to reach VND860bn, thanks to strong growth in both interest and non-interest income and flat provision expense.
• We expect 2H20 provision expense to rise as bad debt has increased.
• Maintain ADD with higher TP of VND23,800 on 7.2-9.4% upward revision in FY20- 21F EPS forecasts.

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