STB released consolidated results for 2021 with PPOP of VND7.9tn (USD342mn; +23.5% YoY) and bottom-line net profit of VND3.4tn (USD148mn; +27.2% YoY), achieving 99.0% and 102.5% of our FY2021 forecasts, respectively. The increase in NPAT was mainly driven by (1) a 3.8% YoY increase in NII and (2) 9.8% YoY decrease in OPEX, which were partly offset by a 14.4% YoY increase in provision expense. On a quarterly basis, STB reported flat Q4 2021 NPAT relative to Q4 2020 at VND858bn (+2.5% YoY) as weak NII growth and elevated provisioning activities in the quarter were partly offset by a sharp decrease in OPEX. While VAMC clearance progress was broadly in line with our expectation, accrued interest clearance progress was ahead of our forecast. We see potential upside risks to earnings forecast for STB post 2021, pending a fuller review.