HDB delivered higher-than-expected Q4 2018 results with a FY2018 consolidated bottom line of VND3.2tn (USD136mn, +63.7% YoY), achieving 109% of our 2018 forecast. 2018 ROAA and ROAE came in at 1.6% and 20.3%, respectively. The standalone bank finished 2018 with net income growth of 56.1% YoY. The consolidated and standalone banks recorded NPL ratios in Q4 of 1.5% (+1 bp YoY) and 1.1% (+1 bp YoY).