MBB released consolidated results for Q1 2022 with PBT of VND5.9tn (USD257mn; +29% YoY), which completed 27% of our FY2021 forecast. 2022 NII increased 41% YoY — achieving 26% our FY2022 forecast — with consolidated NIM at 5.60% (+38 bps QoQ) vs our 2022F NIM at 5.08%. Overall, the bottom line tracked ahead of our expectation. As such, we see potential upside risk to our earnings forecast, pending a fuller review.