HDB released consolidated results for Q1 2021 with net profit totalling VND1.7tn (VND72mn; +67.8% YoY), which achieved 29% of our FY2021 forecast. Q1 2021 NII was up 16.6% YoY — achieving 23% of our FY2021 forecast — with consolidated NIM at 4.41% (-89 bps YoY) vs our 2021F NIM of 4.65%. The strong net income growth in Q1 2021 was supported by robust net fee income (+98% YoY) and investment securities gains. We see upside risk to our earnings forecasts, pending a more extensive review.