CTG released 2018 results with consolidated bottom-line net profit of VND5.4tn (USD236mn, -27.2% YoY), meeting 100% of our 2018 forecast. 2018 ROAA and ROAE stood at 0.5% and 8.3%, respectively. CTG reported a net loss in Q4 2018 in line with our expectations. However, this was mostly due to massive NIM compression (to just 0.20% in Q4 2018) as funding costs surged, whereas we had forecast a spike in provision expenses. In contrast, CTG reported a net write-back of provisions in the quarter.