FY21 net profit growth of 10.3% yoy is the first return to double-digit growth since FY13 and is the strongest increase since FY12. We like its rising FY21 ROE (first rise since FY11), 10bp qoq fall in 4Q21 NPL ratio (largest fall since 2Q16), and strong capital ratios. Interestingly, personal business loans decelerated to 35% yoy in 2H21 from 1H21’s 51%, with mortgages accelerating to 11.1% yoy in 2H21 (1H21: 10%). Reiterate Add rating. We raise our TP slightly to HK$5.90 from HK$5.80.