TCB released consolidated results for 9M 2021 with PPOP and NPAT-MI of VND19tn (USD832mn; +47.7% YoY) and VND13.4tn (USD585mn; +60.6% YoY), which achieved 78.4% and 80.2% of our FY2021 forecast, respectively. The strong increase in the bottom line was driven by (1) respective 46.3% and 46.1% YoY increases in NII and NFI (including FX trading), (2) a 28.2% YoY increase in gains from trading and investment securities and (3) 9.2% YoY decrease in provision expenses, which were partly offset by a 23.0% YoY increase in OPEX and 20% YoY decrease in net other income. We will need to discuss with the bank regarding any potential deterioration in credit quality in future quarters. At this point, we see slight upside to our current forecasts for TCB’s 2021 earnings, pending a fuller review.

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