CTG released consolidated results for 9M 2020 with net profit totalling VND8.4tn (USD359mn; +22.5% YoY), which achieved 94% our FY2020 forecast. 9M 2020 NII and TOI were up 3.2% and 7.4% YoY, which both achieved 76% our FY2020 forecast, respectively. The bottom line for 9M 2020 tracked ahead of our expectation, which was mainly due to (1) better-managed operating expenses and (2) lower-than-expected provision charges as CTG paused its VAMC provisioning progress in Q3. We do not anticipate