TPB released robust results for 2020 with NPAT-MI of VND3.5tn/USD150mn (+13.5% YoY), surpassing our 2020 full-year forecast by 7.5%. This strong result was primarily driven by remarkable growth in net interest income (NII) and net fee income (NFI including FX) of 29.4% YoY and 50.1% YoY, respectively, which outweighed respective increases of 22.6% YoY and 37.4% YoY in OPEX and provision expenses. FY2020 ROE and ROA were 23.5% and 1.89%, respectively.