CTG released Q1 2022 results with TOI of VND14.0tn (USD612mn; +8.9% YoY) and NPAT-MI of VND4.7tn (USD203mn; -27.8% YoY), achieving 22.4% and 21.4% of our respective FY2022 forecasts. Excluding the assumption for an upfront banca fee, Q1 2022 TOI and NPAT-MI accounted for 22.9% and 22.5% of our respective full-year forecasts. The decrease in the bottom line was mainly due to (1) a 4.7% YoY decrease in NII, (2) 0.4% YoY decrease in pure NFI, (3) 68.2% YoY decrease in gains from trading securities and higher loss from investment securities relative to Q1 2021, as well as (4) a 228% YoY increase in provision expenses. The lower YoY earnings in Q1 2022 were in line with our expectation as Q1 2021 was a high base. We see no material change to our earnings forecast for CTG, pending a fuller review. 

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