BID released 2021 results with TOI of VND62.4tn (USD2.7bn; +24.7% YoY) and NPAT-MI of VND10.6tn (USD460mn; +51.1% YoY), achieving 98.5% and 95.3% of our FY2021 forecasts, respectively. The increase in the bottom line was mainly due to (1) a 30.8% YoY increase in NII, (2) 25.6% YoY increase in pure NFI, (3) 19.0% YoY increase in net other income and (4) 9.4% YoY increase in OPEX that lagged TOI growth, which were partly offset by a 26.2% YoY increase in provision expenses. Compared to Q4 2020, Q4 2021 NPAT-MI increased 48.3% YoY to VND2.2tn mainly due to 2.7% and 13.3% YoY declines in OPEX and provision expenses, respectively. We see no material change to our current forecast for BID’s earnings, pending a fuller review