FY21 net profit growth was 14% yoy (4Q21: +28% yoy), the strongest since FY14 and a marked turnaround from FY20’s 14% yoy fall. FY21’s low ROE of 9.8% should recover as asset quality normalises. FY21 credit cost of 1.95% is still well above its 11-year average of 1.22%. 4Q21’s weak NIM performance (-12bp qoq) is a concern. Reiterate Add rating. GGM-based TP unchanged at HK$4.10.