VPB released consolidated results for FY2020 with net profit totalling VND10.4tn (USD447mn; +26.1% YoY), which surpassed our FY2020 forecast by 16% on lower-than-expected CIR. FY2020 NII was up 5.5% YoY — achieving 104% our FY2020 forecast — with consolidated NIM at 8.69% vs our 2020F NIM at 8.38%. 2020 CIR came in at 29.2% against our forecast of 32.5%. The consolidated NPL ratio stood at 3.41% vs our 2020F at 3.30%. We see upside risk to our earnings forecasts, pending a more extensive review.