Given a retail focus with 54.1% retail lending portion in its book as at H1 2019, EIB’s NIM at 2.40% is structurally low compared to its peers. EIB is under provisioning pressure due to legacy VAMC bonds (net balance 3% of gross loans as at H1 2019), which will weigh on the bottom line outlook for the next one to two years. Per management guidance, 2019F PBT is projected at VND1,077bn (USD46mn, +30% YoY).