MBB’s 9M results improved upon H1 performance in profit growth and higher provisioning. 9M PBT achieved 79% of the bank’s target for 2016 and 82% of our forecast and was better than our expectation as MBB continues to maintain low write-offs to reduce provision expense. We will reduce our write-off assumptions for 2016 in the coming update. The target price will likely be lifted, but we will still maintain a MARKETPERFORM rating for MBB.