ACB released 9M 2021 results with TOI of VND17.6tn (USD765mn; +35.7% YoY) and bottom-line net profit of VND7.2tn (USD312mn; +39.8% YoY), completing 76.7% and 72.8% of our FY 2021 forecasts, respectively. The increase in 9M 2021 NPAT-MI was mainly driven by (1) a 39.2% YoY increase in NII, (2) 66.6% YoY increase in pure net fee income, (3) 29.7% YoY increase in FX trading profit (4) 243.1% YoY surge in gain in trading securities which outweighed (1) a 305.1% YoY rise in provision expenses, (2) 73.5% YoY drop in net gain from investment securities and (3) 67.1% YoY decrease in net other income. We see potential upside risk to our 2021F earnings forecast, pending for a fuller review.

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