VCB released Q1 2022 results with TOI of VND16.7tn (USD728mn; +6.7% YoY) and NPAT-MI of VND8.0tn (USD346mn; +15.4% YoY), achieving 25.0% and 26.6% of our FY2022 forecasts, respectively. The increase in earnings was mainly thanks to (1) an 18.8% YoY increase in NII, (2) 5.7% YoY decrease in OPEX and (3) flat provision expenses, which were partly offset by a 15.1% YoY decrease in NOII caused by lower income from pure NFI, trading and investment securities, as well as net other income. We see potential upside to our earnings forecast for VCB, pending a fuller review.

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