FY21 net profit growth was 21.5% yoy, the strongest in nine years. Provisioning buffers continue to build, with 4Q21’s provisioning coverage ratio of 484% a record high and well above the 120% regulatory minimum. Interestingly, 4Q21 credit card NPL formation rates worsened qoq (Fig 6) and may have led to CMB slowing its credit card loan growth (Fig 4). Remains our top sector pick. Reiterate Add rating; Slight TP cut to HK$84.1.