TPB released strong H1 2021 results with TOI of VND6.2tn (USD271mn; +27.5% YoY) and bottom-line net profit of VND2.4tn (USD105mn; +47.8% YoY), both achieving 51.5% of our FY 2021 forecasts. The increase in NPAT was mainly driven by (1) a 37.2% YoY increase in NII and (2) OPEX only growing 6.5% YoY relative to TOI growth of 27.5% YoY, which outweighed a 31.0% YoY rise in provision expenses.