Summary – VCB released robust 2017 results with NPAT-MI reaching VND9.1 trillion (USD400.9 million, +33.1% Y-o-Y) driven by (1) a 3.3% fall in provision expense and (2) a 17.1% increase in ancillary income Y-o-Y, which was in part due to one-off investment gains from the sale of positions in Saigon Bank, Cement Finance JSC and OCB Bank.