ACB released Q1 2022 results with TOI of VND6.85tn (USD297.8mn; +20.7% YoY) and bottom-line net profit of VND3.3tn (USD143mn; +32.4% YoY), achieving 24.6% and 23.4% of our FY2022 forecasts, respectively. The increase in NPAT was due to (1) a 17.3% YoY increase in NII, (2) 18.2% YoY rise in NFI (including FX trading) and (3) a more than 6x YoY surge in net other income, which were offset by a 39.3% YoY increase in OPEX that made CIR climb 5.4 ppts YoY. Loans and deposits in Q1 2022 grew 5.0% and 1.6% and advanced 0.9 ppts and 1.9 ppts relative to 2021, respectively. We currently foresee no material change to our current forecasts and/or target price for ACB, pending a fuller review.