HDB released Q1 2022 consolidated results with NPAT-MI of VND1.9tn (USD83mn; +23% YoY), achieving 27.5% of our FY2022 forecast. The increase in Q1 2022 consolidated NPAT was mainly due to (1) a 20% YoY increase in NII, (2) nearly twofold YoY increase in pure NFI and (3) 18% YoY increase in OPEX that lagged TOI growth of 23% YoY. We see potential upside risk to our earnings forecast, pending a fuller review.