VCB released 9M 2021 results with TOI of VND41.8tn (USD1.8bn; +20.9% YoY) and NPAT-MI of VND15.5tn (USD672mn; +21.0% YoY), achieving 76.1% and 72.8% of our FY2021 forecasts, respectively. The jump in NPAT was mainly due to (1) a 22.3% YoY increase in NII, (2) 41.1% YoY increase in pure NFI (including upfront bancassurance fees), (3) 8.1% YoY increase in gains from FX trading and (4) VND118bn gain in income from trading securities vs a VND15bn loss in 9M 2020, which were partly offset by (1) a 15.2% YoY increase in OPEX and (2) 32.8% YoY increase in provision expenses. Going forward, we will have further discussions with the bank to have a broader view on its Q3 2021 restructured loans as well as its assessment on further deterioration in asset quality (if any). At this point, we anticipate no material change to our current forecast for VCB’s 2021F earnings, pending a fuller review.