VPB released consolidated results for 2021 with net profit totaling VND11.7tn (USD507mn; +11.9% YoY), which achieved 89% of our FY2021 forecast. 2021 NII was up 6.2% YoY — achieving 80% of our FY2021 forecast — with consolidated NIM at 7.64% (-105 bps YoY) vs our 2021F NIM at 8.31%. In addition, the majority of profit from selling a 50% stake of FEC was recorded in Q4 2021. 

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