VCB released results for Q1 2018 with a consolidated bottom line of VND3.5tn (USD154mn, +59% Y-o-Y and +29% QoQ) with annualized ROAA and ROAE at 1.1% and 17.9%, respectively. The results were driven by: Net interest income (NII) increased 17% Y-o-Y with consolidated NIM of 2.5% (vs FY2017 at 2.4%). NII contributed 62.4% to TOI. Net fee income (NFI) increased 36% Y-o-Y to VND881bn (USD39mn) (including FX), contributing 8.9% to TOI.