MBB released consolidated results for 9M 2021 with net profit totaling VND9.5tn (USD413.9mn; +44.3% YoY), which completed 72% our FY2021 forecast. 9M 2021 NII was up 31.4% YoY — achieving 74% our FY2021 forecast — with consolidated NIM at 5.12% vs our 2021F NIM at 5.17%. 9M 2021 NIM tracked slightly below our full year forecast due to a lower IEA yield, which came in at 7.59% vs 7.97% for our FY2021 forecast.