VIB released 2021 results with TOI of VND14.9tn (USDD647mn; +32.8% YoY) and bottom-line net profit of VND6.4tn (USD279mn; +38.1% YoY), achieving 101.7% and 104.5% of our FY2021 forecasts, respectively. The increase in NPAT was mainly due to (1) a 39.1% YoY rise in NII and (2) 13.1% YoY NOII growth that outweighed (3) a 18.3% YoY increase in OPEX and (4) 68.7% YoY increase in provision expense. We see no material changes to our earnings forecasts, pending a more extensive review.