FY21 net profit rose 10.2% yoy (strongest rise since FY13), a welcome break-out from the low-mid single-digit net profit growth range since FY15. We like ABC’s 4Q21 rebound in both NIM and fee income, its continued steady improvement in 4Q21’s NPL ratio and its strong provisioning buffers. Like the other big banks, there were clear signs of mortgage growth acceleration in 2H21 yoy vs. 1H21 yoy and we see this continuing in FY22F. Reiterate Add rating. TP unchanged at HK$4.40.