TCB released consolidated results for FY2020 with net profit totalling VND12.6tn (USD540mn; +23.0% YoY), surpassing our FY2020 forecast by 13%. 2020 NII and pre-provision operating profit (PPOP) were up 32% and 34% YoY, which achieved 105% and 109% our FY2020 forecast, respectively. 2020 total non-interest income (NOII) was up 22%, which contributed 31% to TOI and achieved of 110% our full-year forecast. We see upside risk to our earnings forecasts, pending a more extensive review.