We are updating our rating for BID to OUTPERFORM and raising our TP to VND39,300, representing a total upside of 14%. Robust growth in net interest income in 2017 (+30.7% Y-o-Y) and solid attempts at reducing CIR from 44.3% in 2016 to 39.3% in 2017 allowed BID to take a prudent provisioning approach in 2017.