Analysis of business results & financial statements · Quý 1/2026
● MIXED SIGNALS
TTM PATMI rose +VND 2,904.7bn compared with the same period last year. Key positives came from higher other income and higher net interest income. Offsetting pressure came mainly from higher provision for credit losses, higher operating expenses, and higher corporate income tax.
See what is changing ↓- P/B
- 1.0x
- ROAE
- 22.9%
- NIM
- 2.5%
- Asset Yield
- 7.16%
- Funding Cost
- 4.65%
- ROAA
- 1.7%
- Market price
- 17,500 16 Oct 2026
The current picture
Bank Picture
ABB bank opening narrative plan rendered.
Profit bridge
Vs last year · TTM
- Other income
- Net interest income
- Provision for credit losses
- Operating expenses
- Corporate income tax
- FX & gold trading
- Investment securities
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Net Interest Income | 978,1 | 1.708,9 | 1.614,8 | 933,0 | 832,1 | 843,0 | 737,6 | 794,0 |
| NII Growth YoY | +18% | +103% | +119% | +18% | +26% | — | — | — |
| NIM | 2,51% | 2,72% | 2,40% | 1,96% | 2,04% | 1,99% | — | — |
| Net Fee Income | 413,1 | 98,9 | −431,1 | 430,8 | 161,9 | 230,2 | 82,1 | 84,6 |
| Provision Expense | 855,2 | 792,6 | 367,1 | 524,8 | 340,1 | 221,3 | 525,8 | 462,7 |
| Net Profit After Tax | 1.199,6 | 981,5 | 510,8 | 1.002,5 | 332,5 | 430,3 | −284,7 | 311,5 |
| Net Income Growth YoY | +261% | +128% | −279% | +222% | +116% | — | — | — |
Net interest income
978bnProvision expense
855bnNet income
1,200bnInside the statements
A closer look at what is happening inside the business
A bank's statements are read with a bank's own questions: credit quality, margin, liquidity, funding.
Is credit clean?
Credit Quality
●Is asset quality deteriorating?
Credit reading still relies mainly on credit cost, and that signal has softened modestly: credit cost rose +0.1pp to 1.22%.
Reserve buffer on gross loans is around 1.01%. LDR stands at 66.8%.
Credit reading currently relies mainly on credit cost and reserve buffer; NPL, group-2, and bad-debt coverage signals will be added next.
- Credit cost
- 1.22% +0.1pp
- Reserve / Gross loans
- 1.01% −0.0pp
- LDR
- 66.8% −3.1pp
2026Q1
Is interest margin sustainable?
Interest Margin Quality
▼Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 4.65%, even if pressure is not yet as severe as in clearer compression cases.
In the period, NIM reached 2.51%, +0.5pp YoY; asset yield was 7.16%, +1.2pp; while funding cost was 4.65%, +0.7pp. This suggests spread is not yet showing a clearly deteriorating pattern.
Funding cost is 4.65%, pressuring net interest margin.
- NIM
- 2.51% +0.5pp
- Asset yield
- 7.16% +1.2pp
- Funding cost
- 4.65% +0.7pp
2026Q1
Earnings Mix
▼Is profit coming from core or supporting income sources?
Earnings mix should be watched more closely, with non-core income at 43.4% of total operating income. More broadly, the quality of the revenue mix is softening as the share of net interest income falls while fee income remains insufficient or other income becomes more prominent.
Nii accounts for 50.6% of toi, fee income is 5.0% of toi, other income is 43.4% of toi, cir stands at 30.6%, net profit equals 35.7% of toi.
Net interest income share is declining while fee income does not offset enough or other income rises, making the revenue mix less anchored in core income.
Non-core income currently accounts for 43.4% of total operating income.
- NII / TOI
- 50.6% −8.9pp
- Fee / TOI
- 5.0% +1.9pp
- Other income / TOI
- 43.4% +4.8pp
- CIR
- 30.6% −4.4pp
2026Q1
Is liquidity safe?
Funding & Liquidity
●Are funding and capital buffers sufficiently safe?
Funding structure is becoming less comfortable, with market sources taking on a larger role while customer funding recedes.
Ldr stands at 66.8%, equity equals 7.2% of assets, customer funding accounts for 67.5% of interest-bearing funding, market funding accounts for 32.5%.
- LDR
- 66.8% −3.1pp
- Equity / Assets
- 7.2% −0.5pp
- Customer funding
- 67.5% −1.8pp
- Market funding
- 32.5% +1.8pp
2026Q1
Profitability Quality
●What is sustaining current profitability?
Profitability currently looks balanced, with ROAA at 1.70% and ROAE at 22.90%.
Net income on average earning assets is 1.77%, nim stands at 2.51%, credit cost is 1.22%, cir stands at 30.6%, average leverage is around 13.45 times.
Average leverage is currently around 13.45 times.
- ROAA
- 1.70% +0.3pp
- ROAE
- 22.90% +4.6pp
- NI / Avg EA
- 1.77% +0.3pp
- Quarterly provision
- VND 855bn +7.9% QoQ
2026Q1
In summary
Research synthesis
What this reporting period is showing
ABB bank investment takeaway — mixed signals. [Placeholder for EN translation.]
- [Placeholder for EN evidence line 1.]
- [Placeholder for EN evidence line 2.]
- [Placeholder for EN conclusion.]
What to verify next
Questions for the next period
Track the path of credit costs over the next few quarters, as the recent increase suggests risk pressure has not fully closed out.
Track the balance between loan growth, customer funding, and liquidity buffers into the next cycle.
Track whether the income mix can move back toward a healthier balance rather than leaning too heavily on non-core or hard-to-repeat income sources.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.