VIB released Q1 2022 results with bottom-line net profit of VND1.8tn (USD79mn; +26% YoY), achieving 21% of our FY2021 forecast. The increase in NPAT was mainly due to (1) a 27% YoY rise in NII that outweighed (2) a 14% YoY decrease in NOII, (3) 7.3% YoY increase in OPEX and (4) 18.9% YoY increase in provision expenses. Overall, Q1 2022 results tracked slightly behind our forecast. At VIB’s recent analyst meeting, management disclosed that it expects Q2 2022 PBT of VND2.7tn (+26% YoY).

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