KBC’s H1 2018 revenue increased 107% to VND1.0tn (USD43.5mn), but NPAT-MI decreased sharply by 35% YoY to VND269bn (USD11.7mn). The decline in H1 2018 NPAT-MI was largely the result of a high base in H1 2017 from a one-off transaction - the sale of the Lotus Hotel project. KBC’s underlying NPAT-MI (excl. non-recurring items and its tax effect) was up by 95.4% YoY. KBC’s H1 2018 results met 35.3% of our full-year NPAT-MI forecast.