FY21 net profit growth of 14.5% yoy was the strongest since FY13. FY21 ROE rose yoy, its first increase in eight years. Asset quality metrics (NPL ratio, special mention loan ratio, >90 days overdue loan ratio) all improved and surprised on the upside. Capital remains our key concern, with its core Tier 1 ratio still relatively low at 8.85% (+11bp yoy), only 85bp above its new regulatory minimum. Reiterate Add rating. Remains one of our top picks in the bank sector. No changes to our FY22F-24F EPS. TP unchanged at HK$4.80.