VPB released consolidated results for 9M 2021 with net profit totaling VND9.4tn (USD408mn; +24.8% YoY), which achieved 67% of our FY2021 forecast. 9M 2021 NII was up 9.4% YoY — achieving 69% of our FY2021 forecast — with consolidated NIM at 8.21% (-30 bps YoY) vs our 2021F NIM at 8.71%. 9M 2021 CIR trended down 6.8 ppts YoY to 23.7%. The consolidated NPL ratio stood at 4.00% vs our 2021F at 3.33%. 

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