VPB released consolidated results for Q1 2022 with net profit of VND8.9tn (USD387mn; +179% YoY), which achieved 74% of our FY2022 forecast thanks to abnormal income from the bancassurance upfront fee with AIA of more than VND5tn. If we exclude this abnormal income, consolidated business-as-usual NPAT-MI in Q1 2022 completed around 28% of our full-year forecast and tracked ahead of our expectation. We see potential upside risk to our earnings forecast, pending a fuller review.