VPB – 1H19 performance on track – Update

• 1H19 net profit eased 0.9% yoy due to lack of upfront bancassurance income. Excluding this one-off income, 1H19 net profit rose 23.1% yoy.
• 2Q19 net profit grew 45.7% yoy and 44.1% qoq with stronger loan growth but subdued NIMs versus 1Q19.
• We maintain Add rating and TP of VND21,200.

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