VPB released consolidated results for 2021 with net profit totaling VND11.7tn (USD507mn; +11.9% YoY), which achieved 89% of our FY2021 forecast. 2021 NII was up 6.2% YoY — achieving 80% of our FY2021 forecast — with consolidated NIM at 7.64% (-105 bps YoY