ACB released 2021 results with TOI of VND23.6tn (USD1.02bn; +29.7% YoY) and bottom-line net profit of VND9.6tn (USD418mn; +25.0% YoY), both completing 101% of our forecasts. The increase in 2021 NPAT-MI was mainly driven by (1) a 29.9% YoY increase in NII, (2) 70.8% YoY increase in pure net fee income, (3) 26.8% YoY increase in FX trading profit, (4) 170.2% YoY surge in gains from trading securities and (5) OPEX only growing 7.9% YoY relative to TOI growth of 29.7% YoY, which outweighed (1) a 254.5% YoY rise in provision expenses, (2) 66.7% YoY drop in net gains from investment securities and (3) 50.1% YoY decrease in net other income. 

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