TCB released impressive results for Q1 2021 with net profit totalling VND4.5tn (USD192mn; +78.6% YoY), which achieved 30% of our FY2021 forecast and 28% of management’s guidance for FY2021. Q1 2021 NII and non-interest income (NOII) were up 45% and 54% YoY, achieving 27% and 30% our FY2021 forecasts, respectively (we note that this growth was not delivered from a low base in Q1 2020). Credit quality looks benign with the NPL ratio dropping to a historic low of 0.38% as of end-Q1 2021.