HDB released consolidated results for 9M 2020 with net profit totalling VND3.5tn (VND150mn; +26.6% YoY), achieving 81% our FY2020 forecast. 9M 2020 NII was up 26.6% YoY — achieving 77% our FY2020 forecast — with consolidated NIM at 4.72% (+24 bps YoY) vs our 2020F NIM at 4.91%. The bottom line tracked ahead our full-year forecast, which was mainly derived from lower-than-expected operating expenses. We do not anticipate material changes to our earnings forecasts and/or target price, pending