FY21 net profit growth rose 10.5%, the strongest since FY12. FY21 ROE rose for the first time since FY11. Asset quality metrics surprised on the upside, with both 4Q21 NPL ratio and overdue loan ratio falling 13bp and 19bp qoq, respectively. With credit card asset quality improving, credit card loan growth is rising, up 3.5% qoq in 4Q21, with BOCOM also indicating solid growth in 2022 YTD. Maintain Hold rating. TP unchanged at Rmb4.80.