LPB released its 9M 2022 results with TOI of VND10.5tn (USD428mn; +49.5% YoY) and bottom-line net profit of VND3.8tn (USD157mn; +72.4% YoY), achieving 74.6% and 75.0% of our FY2022 forecasts, respectively. Excluding our upfront banca fee assumption, LPB’s 9M 2022 net profit completed 87.8% of our full-year forecast. The surge in NPAT was mainly due to (1) a 44.6% YoY increase in NII, (2) 93.6% YoY increase in NOII and (3) slower growth rate of OPEX vs TOI growth (14.3% YoY vs 49.5% YoY). These factors were partly offset by a 110.4% YoY increase in provision expenses. On a QoQ basis, Q3 2022 NPAT was VND987bn (-31.2% QoQ); however, excluding our estimated one-off gains from the sale of STB’s stake in Q2 2022, Q3 2022 NPAT would have dropped by only ~17% QoQ mainly due to strong provisioning actions. We see potential upside risk to our 2022F earnings forecasts for LPB, pending a more extensive review.