BID released Q1 2021 results with TOI of VND14.6tn (USD635mn; +28.8% YoY) and bottom-line net profit of VND2.6tn (USD38mn; +87.9% YoY), achieving 24.9% and 20.8% of our FY 2021 forecasts, respectively. The increase in NPAT was mainly due to (1) an 18.4% YoY increase in NII and (2) 72.4% YoY increase in NoII, which were partly offset by (1) a 15.9% YoY increase in OPEX and (2) 18.7% YoY increase in provision expenses.