TCB released consolidated results for H1 2021 with PPOP and NPAT-MI of VND13tn (USD565mn; +63.4% YoY) and VND9.1tn (USD396mn; +72.7% YoY), which achieved 54.9% and 55.0% of our FY2021 forecast, respectively. The strong increase in the bottom line was driven by (1) 56.0% and 53.9% YoY increases in NII and NFI (including FX trading), respectively, (2) a 47.2% YoY increase in gains from investment securities and (3) a 46.9% YoY increase in net other income, which were partly offset by 34.4%