STB released consolidated results for 9M 2021 with PPOP of VND5.7tn (USD246mn; +9.3% YoY) and bottom-line net profit of VND2.6tn (USD111mn; +38.4% YoY), achieving 71.3% and 73.6% of our FY2021 forecasts, respectively. The increase in NPAT was mainly driven by (1) an 11.2% YoY increase in NII, (2) VND120bn of gains from investment securities vs a VND27bn loss in 9M 2020, (3) 6.1% YoY increase in net other income and (4) 15.5% YoY decrease in provision expenses, which were partly offset by (1) a 10.4% YoY decrease in NFI (including FX trading) and (2) 5.0% YoY increase in OPEX. On a quarterly basis, STB reported Q3 2021 NPAT of VND640bn (-10.7% YoY) mainly due to a 52.8% YoY decrease in pure NFI. Overall, 9M 2021 results and the bank’s legacy asset clearance progress were broadly in line with our expectation. Our only concern is the potential of Group 2 loans moving into NPL classification in future quarters. However, as the Q3 2021 NPL ratio of 1.56% was lower than our 2021F NPL ratio of 1.8%, we see no material change to our earnings forecast for 2021, pending a fuller review.