ACB released robust results for 2020 with NPAT-MI of VND7.7tn/USD330mn (+28.1% YoY), surpassing our full-year forecast by 12.9%. This result was primarily driven by 20.4% YoY growth in net interest income (NII) and an impressive VND732bn/USD31mn gain in trading of investment securities vs a negligible amount in 2019, which outweighed a 243.7% surge in provision expense in 2020 (although this YoY comparison is distorted due to specific provision reversals in H1 2019). FY2020 ROA and ROE