VCB released Q1 2021 results with TOI of VND15.7tn (USD682mn; +27.7% YoY) and NPAT-MI of VND6.9tn (USD300mn; +65.2% YoY), achieving 27.7% and 29.4% of our FY2021 forecasts, respectively. The increase in NPAT was mainly due to (1) an 11.6% YoY increase in NII, (2) 2x YoY increase in pure NFI, (3) VND81bn gain from trading securities vs a loss of VND54bn in Q1 2020, and (4) 2.7% YoY decrease in OPEX. These were partly offset by a 5.7% YoY increase in provision expenses.