TCB released consolidated results for Q1 2022 with PPOP and NPAT-MI of VND7.0tn (USD305mn; +10.0% YoY) and VND5.5tn (USD239mn; +25.2% YoY), which achieved 22.5% and 24.4% of our FY2022 forecasts, respectively. The strong increase in the bottom line was driven by (1) 32.5% and 31.4% YoY respective increases in NII and NFI (including FX trading), and (2) a 74.3% YoY decrease in provision expenses, which were partly offset by losses in trading and investment securities and a 27.2% YoY decrease in net other income. We see no material change to our earnings forecast for TCB, pending a fuller review.

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