LPB released consolidated results for 2020 with TOI of VND7.8tn (USD335mn; +19.4% YoY) and bottom-line net profit of VND1.9tn (USD80mn; 16.3% YoY), achieving 109.8% and 102.7% of our FY 2020 forecast, respectively. The increase in NPAT was mainly due to (1) a 10.9% YoY increase in NII, (2) 50.6% YoY increase in NFI (including FX), (3) VND138bn of income from investment securities and (4) a 4.0x YoY increase in net other income (though from a low base), which was partly offset by (1) a 15.2% YoY