ACB – Lower provisions drove 1H net profit growth – Earnings Flash

• Lower absolute non-performing loans at end-2Q19 vs. end-2Q18 led to a decline in provisions, thereby boosting the bottom line.
• 2Q19 net profit grew 16.3% yoy and 12.2% qoq to VND1,533bn, with NIM staying flat qoq but loan growth accelerating in 2Q19.
• We maintain our Add rating but lower our TP from VND39,500 to VND30,400 to factor in the recent 30% stock dividend paid on 25 Jul 2019.

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