CTG released 2021 results with TOI of VND53.1tn (USD2.3bn; +17.2% YoY) and NPAT-MI of VND14.1tn (USD613mn; +2.7% YoY), achieving 98.7% and 91.6% of our FY2021 forecasts, respectively. The increase in the bottom line was mainly due to (1) a 17.5% YoY increase in NII, (2) 13.5% YoY increase in pure NFI and (3) 76.6% YoY increase in net other income, which were partly offset by (1) a 6.9% YoY increase in OPEX and (2) 51.1% YoY increase in provision expenses. Comparing the last quarter with the same quarter the year before, Q4 2021 NPAT plunged 45.9% YoY to VND2.9tn mainly due to a 517% YoY increase in provision expenses. We will discuss further with the bank in order to have a broader view on (1) Q4 2021 restructured loans and (2) CTG’s provisioning progress for Cir.14 restructured loans for further assessment.

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