BID released Q1 2022 results with TOI of VND16.2tn (USD706mn; +11.1% YoY) and NPAT-MI of VND3.6tn (USD155mn; +34.9% YoY), achieving 23.2% and 23.0% of our FY2022 forecasts, respectively. The increase in the bottom line was mainly due to (1) an 18.4% YoY increase in NII, (2) 7.1% YoY increase in OPEX that lagged TOI growth of 11.1% and (3) relatively flat provision expenses, which were partly offset by a 9.9% YoY decrease in NoII. We see no material change to our current forecast for BID’s earnings, pending a fuller review.