VCB released 2021 results with TOI of VND56.7tn (USD2.5bn; +15.6% YoY) and NPAT-MI of VND21.9tn (USD952mn; +18.7% YoY), achieving 99.7% and 103.9% of our FY2021 forecasts, respectively. The jump in NPAT was mainly due to (1) a 16.8% YoY increase in NII and (2) 12.1% YoY increase in NoII, which were partly offset by (1) a 9.6% YoY increase in OPEX and (2) 17.9% YoY increase in provision expenses. VCB remained as the most profitable bank in our coverage universe as of 2021. Comparing the last quarter with the same quarter the year before, Q4 2021 NPAT advanced 13.7% YoY to VND6.5tn mainly due to 10.9% and 4.9% YoY drops in OPEX and provision expenses, respectively. We see no material change to our earnings forecast for VCB, pending a fuller review.