STB released consolidated results for Q1 2021 with TOI of VND4.2tn (USD180mn; +6.8% YoY) and bottom-line net profit of VND801bn (USD35mn; +1.9% YoY), achieving 24.0% and 29.9% of our FY2021 forecast, respectively. The increase in NPAT was mainly driven by 5.9% YoY and 16.1% YoY increases in NII and pure NFI, respectively, which were partly offset by (1) an 11.0% YoY decrease in FX trading, (2) 18.3% YoY decrease in net other income and (3) 13.9% YoY increase in provision expenses.