ACB released good results for 9M 2020 with NPAT-MI of VND5.1tn/USD220mn (+15.4% YoY), completing 82.6% of our 2020 full-year forecast. This result was primarily driven by 15.8% YoY growth in net interest income (NII) and a remarkable VND700bn/USD30mn gain in trading of investment securities vs a negligible amount in 9M 2019, which outweighed a three-fold surge in provision expense to VND694bn/USD29.8mn in 9M 2020 from VND162bn/USD6.9mn in 9M 2019 (although this YoY comparison is distorted given