MBB released consolidated results for 2021 with net profit totaling VND13.2tn (USD575mn; +53.6% YoY), which completed 103% of our FY2021 forecast. 2021 NII was up 29.2% YoY — achieving 103% our FY2021 forecast — with consolidated NIM at 5.03% vs our 2021F NIM at 5.15%. 2021 NIM tracked slightly below our full-year forecast due to a lower IEA yield of 7.39% vs our FY2021 forecast of 7.97%. 

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