MBB released consolidated results for 9M 2020 with net profit totalling VND6.6tn (USD283mn; +7.4% YoY), which achieved 87% our FY2020 forecast. 9M 2020 NII and TOI were up 10.5% and 9.4% YoY, which achieved 78% and 77% our FY2020 forecast, respectively. Provision charges continued to slow in Q3 with annualized 9M 2020 provision charges to gross loans at 2.08% vs 2.53% and 3.38% in H1 and 3M 2020, respectively. We do not anticipate material changes to our earnings forecasts and/or target price