MBB released consolidated results for H1 2021 with net profit totaling VND6.4tn (USD276.9mn; +53.3% YoY), which completed 50% our FY2021 forecast. H1 2021 NII was up 34.3% YoY — achieving 49% our FY2021 forecast — with consolidated NIM at 5.21% vs our 2021F NIM at 5.11%. H1 2021 NIM tracked slightly ahead of our forecast due to lower than-expected cost of funds, which came in at 2.85% vs 3.30% for our FY2021 forecast. 6M 2021 consolidated credit growth was 10.7%, which was derived from (1)