STB released consolidated results for 2020 with TOI of VND17.3tn (USD744mn; +18.0% YoY) and bottom-line net profit of VND2.7tn (USD116mn; +9.3% YoY), achieving 101.5% and 103.9% of our FY 2020 forecast, respectively. The increase in NPAT was mainly driven by (1) a 25.6% YoY and 15.8% YoY increase in NII and NFI (including FX trading), respectively, and (2) a 29.2% YoY increase in income from investment securities, which was partly offset by (1) a 20.9% YoY decrease in net other income