CTG released consolidated results for FY 2020 with net profit totalling VND13.7tn (USD590mn; +45.0% YoY), surpassing our FY2020 forecast by 33% on lower-than-expected provision expenses. 2020 pre-provision operating profit was up 17.9% YoY, which achieved 101% of our full-year forecast. 2020 total non-interest income (NOII) was up 32% YoY, which contributed 21% to TOI (vs 18% in FY2019) and achieved 106% of our full-year forecast. We see upside risks to our earnings forecasts