Analysis of business results & financial statements · Quý 2/2026
▼ FUNDING UNDER PRESSURE
TTM PATMI rose +VND 2,423.9bn compared with the same period last year. Key positives came from higher other income, higher net interest income, and higher net fee income. Offsetting pressure came mainly from higher operating expenses, higher provision for credit losses, and higher corporate income tax.
See what is changing ↓- P/B
- 1.1x
- ROAE
- 20.6%
- NIM
- 2.3%
- Asset Yield
- 7.26%
- Funding Cost
- 4.92%
- 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
- Net fee income
- FX & gold trading
- Operating expenses
- Provision for credit losses
- Corporate income tax
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Net Interest Income | 953,2 | 978,1 | 1.708,9 | 1.614,8 | 933,0 | 832,1 | 843,0 | 737,6 |
| NII Growth YoY | +2% | +18% | +103% | +119% | +18% | +26% | — | — |
| NIM | 2,34% | 2,51% | 2,72% | 2,40% | 1,96% | 2,04% | 1,99% | — |
| Net Fee Income | 850,2 | 413,1 | 98,9 | −431,1 | 430,8 | 161,9 | 230,2 | 82,1 |
| Provision Expense | 251,6 | 855,2 | 792,6 | 367,1 | 524,8 | 340,1 | 221,3 | 525,8 |
| Net Profit After Tax | 1.212,6 | 1.199,6 | 981,5 | 510,8 | 1.002,5 | 332,5 | 430,3 | −284,7 |
| Net Income Growth YoY | +21% | +261% | +128% | −279% | +222% | +116% | — | — |
Net interest income
953bnProvision expense
252bnNet income
1,213bnInside 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, now at 1.01% of average earning assets; the missing piece is whether this level is just short-term noise or a new underlying base.
Reserve buffer on gross loans is around 1.04%. LDR stands at 81.6%.
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
- 1.01% −0.2pp
- Reserve / Gross loans
- 1.04% +0.0pp
- LDR
- 81.6% +14.7pp
2026Q2
Is interest margin sustainable?
Interest Margin Quality
▼▼Is spread coming under pressure?
Spread is under pressure from funding costs, with funding cost at 4.92%.
In the period, NIM reached 2.34%, +0.4pp YoY; asset yield was 7.26%, +1.3pp; while funding cost was 4.92%, +0.9pp. This suggests spread is not yet showing a clearly deteriorating pattern.
NIM stands at 2.34%, leaving less room on spread.
Funding cost is 4.92%, pressuring net interest margin.
- NIM
- 2.34% +0.4pp
- Asset yield
- 7.26% +1.3pp
- Funding cost
- 4.92% +0.9pp
2026Q2
Earnings Mix
▼Is profit coming from core or supporting income sources?
Earnings mix should be watched more closely, with non-core income at 39.4% 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 52.0% of toi, fee income is 9.2% of toi, other income is 39.4% of toi, cir stands at 31.9%, net profit equals 38.6% 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 39.4% of total operating income.
- NII / TOI
- 52.0% +1.4pp
- Fee / TOI
- 9.2% +4.3pp
- Other income / TOI
- 39.4% −4.0pp
- CIR
- 31.9% +1.3pp
2026Q2
Is liquidity safe?
Funding & Liquidity
▼▼Are funding and capital buffers sufficiently safe?
Funding structure is leaning more toward market sources, with market funding up to 36.4% while customer funding share has softened.
Ldr stands at 81.6%, equity equals 8.7% of assets, customer funding accounts for 63.6% of interest-bearing funding, market funding accounts for 36.4%.
Market funding share is rising quarter over quarter, suggesting a less comfortable funding mix even if stress is not yet severe.
Market funding now accounts for 36.4% of interest-bearing funding.
- LDR
- 81.6% +14.7pp
- Equity / Assets
- 8.7% +1.5pp
- Customer funding
- 63.6% −4.0pp
- Market funding
- 36.4% +4.0pp
2026Q2
Profitability Quality
●What is sustaining current profitability?
Profitability currently looks balanced, with ROAA at 1.68% and ROAE at 20.59%.
Net income on average earning assets is 1.74%, nim stands at 2.34%, credit cost is 1.01%, cir stands at 31.9%, average leverage is around 12.27 times.
Average leverage is currently around 12.27 times.
- ROAA
- 1.68% −0.0pp
- ROAE
- 20.59% −2.3pp
- NI / Avg EA
- 1.74% −0.0pp
- Quarterly provision
- VND 252bn −70.6% QoQ
2026Q2
In summary
Research synthesis
What this reporting period is showing
ABB bank investment takeaway — funding under pressure. [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 whether the recent provision relief is sustainable or only a temporary favorable base before credit costs revert higher.
Track whether funding pressure continues to build, especially as market funding reliance and liquidity-buffer demands become less comfortable.
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.