diff --git a/contracts/protocol/tokenization/base/ScaledBalanceTokenBase.sol b/contracts/protocol/tokenization/base/ScaledBalanceTokenBase.sol
index 711fc9de8..033728e43 100644
--- a/contracts/protocol/tokenization/base/ScaledBalanceTokenBase.sol
+++ b/contracts/protocol/tokenization/base/ScaledBalanceTokenBase.sol
@@ -159,7 +159,7 @@ abstract contract ScaledBalanceTokenBase is MintableIncentivizedERC20, IScaledBa
       emit Mint(_msgSender(), sender, senderBalanceIncrease, senderBalanceIncrease, index);
     }
 
-    if (recipientBalanceIncrease > 0) {
+    if (sender != recipient && recipientBalanceIncrease > 0) {
       emit Transfer(address(0), recipient, recipientBalanceIncrease);
       emit Mint(_msgSender(), recipient, recipientBalanceIncrease, recipientBalanceIncrease, index);
     }
diff --git a/test-suites/atoken-events.spec.ts b/test-suites/atoken-events.spec.ts
index 6de8cf0cb..68939197f 100644
--- a/test-suites/atoken-events.spec.ts
+++ b/test-suites/atoken-events.spec.ts
@@ -20,6 +20,7 @@ import {
   withdraw,
   getATokenEvent,
   transferFrom,
+  printATokenEvents,
 } from './helpers/utils/tokenization-events';
 
 const DEBUG = false;
@@ -403,6 +404,111 @@ makeSuite('AToken: Events', (testEnv: TestEnv) => {
     expect(bobBalanceAfter).to.be.closeTo(bobBalanceBefore.add(balances.balance[bob.address]), 2);
   };
 
+  it('Alice supplies 1000, transfers 100 to Bob, transfers 500 to itself, Bob transfers 500 from Alice to itself, withdraws 400 to Bob (without index change)', async () => {
+    await testMultipleTransfersAndWithdrawals(false);
+  });
+
+  it('Alice supplies 1000, transfers 100 to Bob, transfers 500 to itself, Bob transfers 500 from Alice to itself, withdraws 400 to Bob  (with index change)', async () => {
+    await testMultipleTransfersAndWithdrawals(true);
+  });
+
+  const testMultipleTransfersAndWithdrawals = async (indexChange: boolean) => {
+    const { pool, dai, aDai, weth } = testEnv;
+
+    let rcpt;
+    let balanceTransferEv;
+    let aliceBalanceBefore = await aDai.balanceOf(alice.address);
+    let bobBalanceBefore = await aDai.balanceOf(bob.address);
+
+    log('- Alice supplies 1000 DAI');
+    rcpt = await supply(pool, alice, dai.address, '1000', alice.address, DEBUG);
+    updateBalances(balances, aDai, rcpt);
+
+    if (indexChange) {
+      log('- Increase index due to great borrow of DAI');
+      await increaseSupplyIndex(pool, borrower, weth.address, dai.address);
+    }
+
+    log('- Alice transfers 100 DAI to Bob');
+    let [fromScaledBefore, toScaledBefore] = await Promise.all([
+      aDai.scaledBalanceOf(alice.address),
+      aDai.scaledBalanceOf(bob.address),
+    ]);
+    rcpt = await transfer(pool, alice, dai.address, '100', bob.address, DEBUG);
+    updateBalances(balances, aDai, rcpt);
+    balanceTransferEv = getATokenEvent(aDai, rcpt, 'BalanceTransfer')[0];
+    expect(await aDai.scaledBalanceOf(alice.address)).to.be.eq(
+      fromScaledBefore.sub(balanceTransferEv.value),
+      'Scaled balance emitted in BalanceTransfer event does not match'
+    );
+    expect(await aDai.scaledBalanceOf(bob.address)).to.be.eq(
+      toScaledBefore.add(balanceTransferEv.value),
+      'Scaled balance emitted in BalanceTransfer event does not match'
+    );
+
+    if (indexChange) {
+      log('- Increase index due to great borrow of DAI');
+      await increaseSupplyIndex(pool, borrower, weth.address, dai.address);
+    }
+
+    log('- Alice transfers 500 DAI to itself');
+    fromScaledBefore = await aDai.scaledBalanceOf(alice.address);
+    rcpt = await transfer(pool, alice, dai.address, '500', alice.address, DEBUG);
+    updateBalances(balances, aDai, rcpt);
+    expect(await aDai.scaledBalanceOf(alice.address)).to.be.eq(
+      fromScaledBefore,
+      'Scaled balance should remain the same'
+    );
+
+    if (indexChange) {
+      log('- Increase index due to great borrow of DAI');
+      await increaseSupplyIndex(pool, borrower, weth.address, dai.address);
+    }
+
+    log('- Bob transfersFrom Alice 500 DAI to Alice');
+    fromScaledBefore = await aDai.scaledBalanceOf(alice.address);
+    expect(
+      await aDai
+        .connect(alice.signer)
+        .approve(bob.address, await convertToCurrencyDecimals(dai.address, '500'))
+    );
+    rcpt = await transferFrom(pool, bob, alice.address, dai.address, '500', alice.address, DEBUG);
+    updateBalances(balances, aDai, rcpt);
+    expect(await aDai.scaledBalanceOf(alice.address)).to.be.eq(
+      fromScaledBefore,
+      'Scaled balance should remain the same'
+    );
+
+    if (indexChange) {
+      log('- Increase index due to great borrow of DAI');
+      await increaseSupplyIndex(pool, borrower, weth.address, dai.address);
+    }
+
+    log('- Alice withdraws 400 DAI to Bob');
+    rcpt = await withdraw(pool, alice, dai.address, '200', bob.address, DEBUG);
+    updateBalances(balances, aDai, rcpt);
+
+    if (DEBUG) {
+      await printBalance('alice', aDai, alice.address);
+      await printBalance('bob', aDai, bob.address);
+    }
+
+    // Check final balances
+    rcpt = await supply(pool, alice, dai.address, '1', alice.address, false);
+    updateBalances(balances, aDai, rcpt);
+    const aliceBalanceAfter = await aDai.balanceOf(alice.address);
+
+    rcpt = await supply(pool, bob, dai.address, '1', bob.address, false);
+    updateBalances(balances, aDai, rcpt);
+    const bobBalanceAfter = await aDai.balanceOf(bob.address);
+
+    expect(aliceBalanceAfter).to.be.closeTo(
+      aliceBalanceBefore.add(balances.balance[alice.address]),
+      2
+    );
+    expect(bobBalanceAfter).to.be.closeTo(bobBalanceBefore.add(balances.balance[bob.address]), 2);
+  };
+
   it('Alice supplies 300000, withdraws 200000 to Bob, withdraws 5 to Bob', async () => {
     const { pool, dai, aDai, weth } = testEnv;
 
diff --git a/test-suites/helpers/utils/tokenization-events.ts b/test-suites/helpers/utils/tokenization-events.ts
index d2be4cf3d..b1a72b295 100644
--- a/test-suites/helpers/utils/tokenization-events.ts
+++ b/test-suites/helpers/utils/tokenization-events.ts
@@ -202,8 +202,11 @@ export const transfer = async (
 
   const indexAfter = await pool.getReserveNormalizedIncome(underlying);
   const addedScaledBalance = amount.rayDiv(indexAfter);
-  const fromScaledBalance = (await aToken.scaledBalanceOf(user.address)).add(addedScaledBalance);
-  const toScaledBalance = (await aToken.scaledBalanceOf(to)).sub(addedScaledBalance);
+
+  // The amount of scaled balance transferred is 0 if self-transfer
+  const deltaScaledBalance = user.address == to ? BigNumber.from(0) : addedScaledBalance;
+  const fromScaledBalance = (await aToken.scaledBalanceOf(user.address)).add(deltaScaledBalance);
+  const toScaledBalance = (await aToken.scaledBalanceOf(to)).sub(deltaScaledBalance);
   const fromBalanceIncrease = getBalanceIncrease(fromScaledBalance, fromPreviousIndex, indexAfter);
   const toBalanceIncrease = getBalanceIncrease(toScaledBalance, toPreviousIndex, indexAfter);
 
@@ -230,7 +233,7 @@ export const transfer = async (
       indexAfter,
     ]);
   }
-  if (toBalanceIncrease.gt(0)) {
+  if (user.address != to && toBalanceIncrease.gt(0)) {
     matchEvent(rcpt, 'Transfer', aToken, aToken.address, [ZERO_ADDRESS, to, toBalanceIncrease]);
     matchEvent(rcpt, 'Mint', aToken, aToken.address, [
       user.address,
@@ -265,8 +268,11 @@ export const transferFrom = async (
 
   const indexAfter = await pool.getReserveNormalizedIncome(underlying);
   const addedScaledBalance = amount.rayDiv(indexAfter);
-  const fromScaledBalance = (await aToken.scaledBalanceOf(origin)).add(addedScaledBalance);
-  const toScaledBalance = (await aToken.scaledBalanceOf(to)).sub(addedScaledBalance);
+
+  // The amount of scaled balance transferred is 0 if self-transfer
+  const deltaScaledBalance = origin == to ? BigNumber.from(0) : addedScaledBalance;
+  const fromScaledBalance = (await aToken.scaledBalanceOf(origin)).add(deltaScaledBalance);
+  const toScaledBalance = (await aToken.scaledBalanceOf(to)).sub(deltaScaledBalance);
   const fromBalanceIncrease = getBalanceIncrease(fromScaledBalance, fromPreviousIndex, indexAfter);
   const toBalanceIncrease = getBalanceIncrease(toScaledBalance, toPreviousIndex, indexAfter);
 
@@ -293,7 +299,7 @@ export const transferFrom = async (
       indexAfter,
     ]);
   }
-  if (toBalanceIncrease.gt(0)) {
+  if (origin != to && toBalanceIncrease.gt(0)) {
     matchEvent(rcpt, 'Transfer', aToken, aToken.address, [ZERO_ADDRESS, to, toBalanceIncrease]);
     matchEvent(rcpt, 'Mint', aToken, aToken.address, [
       user.address,