Results are a mix bag in almost all areas – VND600bn of Bank E recovered in 1Q15 but ACB starting for first time to provision for Bank B (ACB does not disclose the identity of these banks), loan yields is always a messy business to interpret but this seems to have gapped down in 1Q15, cost of deposits looks stickier than other banks, all to be saved by interest income on securities and interbank yields. Another quarter is needed to see if ACB is facing the blunt end of SOE bank’s retail focus.