ACB released Q1 2021 results with TOI of VND5.7tn (USD247mn; +29.6% YoY) and bottom-line net profit of VND2.5tn (USD108mn; +61.6% YoY), achieving 25.8% and 26.5% of our FY2021 forecasts, respectively. The increase in NPAT was due to (1) a 35.7% YoY increase in NII, (2) 59.9% YoY rise in NFI (including FX trading), (3) a nearly eight-fold surge in gains on trading securities from a low base — despite remaining a relatively low contribution to TOI — and (4) 16.7% YoY drop in OPEX expense