STB released consolidated results for Q1 2022 with PPOP of VND2.3tn (USD100mn; +55.4% YoY) and bottom-line net profit of VND1.3tn (USD55mn; +59.0% YoY), achieving 18.4% and 19.8% of our FY2022 forecasts, respectively. The increase in NPAT was mainly driven by (1) an 83.4% YoY increase in pure NFI, (2) 43.9% YoY increase in gains from FX trading and (3) 9.4x YoY increase in net other income, which were partly offset by (1) an 8.9% YoY decrease in NII and (2) 48.1% YoY increase in provision expenses. Q1 2022 earnings trailed our expectations, which we believe is mainly because we currently assume that STB will reverse VND1.3tn of legacy accrued interest in 2022 while the remaining accrued interest will be cleared through the sale of collateral assets; however, STB could take action to reverse all legacy accrued interest by Q3 2022, as stated by the CEO at STB’s recent AGM. We therefore see potential downside risk to our earnings forecast for 2022 and upside to our earnings forecast post 2022, pending a fuller review.