VPB released consolidated results for Q1 2021 with net profit totalling VND3.2tn (USD137mn; +38.4% YoY), which achieved 27% of our FY2021 forecast. FY2020 NII was up 13.7% YoY — achieving 24% of our FY2021 forecast — with consolidated NIM at 9.09% (+17 bps YoY) vs our 2021F NIM at 9.31%. Q1 2021 CIR trended down 9.6 ppts YoY to 23.5%. The consolidated NPL ratio stood at 3.46% vs our 2021F at 3.34%. We anticipate no material changes to our current forecasts, pending a more extensive review.