Analysis of business results & financial statements · Quý 1/2026
▼ FUNDING UNDER PRESSURE
TTM PATMI fell −VND 295.8bn compared with the same period last year. Key positives came from higher trading securities, higher other income, and higher fx & gold trading. Offsetting pressure came mainly from higher provision for credit losses, higher operating expenses, and lower net fee income.
See what is changing ↓- P/B
- 1.1x
- ROAE
- 17.5%
- NIM
- 2.9%
- Asset Yield
- 6.69%
- Funding Cost
- 3.75%
- ROAA
- 1.7%
- Market price
- 20,600 16 Oct 2026
The current picture
Bank Picture
ACB bank opening narrative plan rendered.
Profit bridge
Vs last year · TTM
- Trading securities
- Other income
- FX & gold trading
- Investment securities
- Corporate income tax
- Provision for credit losses
- Operating expenses
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 | 6.989,2 | 7.093,3 | 6.769,7 | 6.683,8 | 6.358,9 | 7.080,3 | 6.881,4 | 7.111,5 |
| NII Growth YoY | +10% | +0% | −2% | −6% | −5% | — | — | — |
| NIM | 2,94% | 2,93% | 3,20% | 3,26% | 3,48% | 3,59% | — | — |
| Net Fee Income | 992,9 | 894,3 | 795,4 | 584,7 | 872,3 | 868,8 | 747,2 | 877,6 |
| Provision Expense | 686,0 | 1.956,6 | 288,9 | 463,0 | 626,1 | 147,7 | 358,2 | 588,1 |
| Net Profit After Tax | 4.320,4 | 2.784,7 | 4.280,6 | 4.881,2 | 3.678,3 | 4.545,4 | 3.870,4 | 4.468,6 |
| Net Income Growth YoY | +17% | −39% | +11% | +9% | −6% | — | — | — |
Net interest income
6,989bnProvision expense
686bnNet income
4,320bnInside 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?
Direct credit reading is still incomplete, but funding balance has tightened with LDR rising to 96.7%.
Reserve buffer on gross loans is around 1.10%. LDR stands at 96.7%.
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
- 0.36% −0.0pp
- Reserve / Gross loans
- 1.10% −0.0pp
- LDR
- 96.7% +2.2pp
2026Q1
Is interest margin sustainable?
Interest Margin Quality
▼▼Is spread coming under pressure?
Spread is under pressure from funding costs, with funding cost at 3.75%.
In the period, NIM reached 2.94%, −0.5pp YoY; asset yield was 6.69%, +0.1pp; while funding cost was 3.75%, +0.6pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.
Funding cost is 3.75%, pressuring net interest margin.
- NIM
- 2.94% −0.5pp
- Asset yield
- 6.69% +0.1pp
- Funding cost
- 3.75% +0.6pp
2026Q1
Earnings Mix
▲▲Is profit coming from core or supporting income sources?
Earnings remain primarily core-led, with NII contributing around 79.2% of total operating income. More broadly, the revenue mix is becoming less anchored in core income, as the share of net interest income declines without a clear enough offset from fee income.
Nii accounts for 79.2% of toi, fee income is 9.4% of toi, other income is 3.1% of toi, cir stands at 31.9%, net profit equals 46.8% 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.
- NII / TOI
- 79.2% −0.5pp
- Fee / TOI
- 9.4% +0.1pp
- Other income / TOI
- 3.1% +0.0pp
- CIR
- 31.9% −0.5pp
2026Q1
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 35.1% while customer funding share has softened.
Ldr stands at 96.7%, equity equals 9.6% of assets, customer funding accounts for 64.9% of interest-bearing funding, market funding accounts for 35.1%.
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 35.1% of interest-bearing funding.
- LDR
- 96.7% +2.2pp
- Equity / Assets
- 9.6% +0.4pp
- Customer funding
- 64.9% −2.1pp
- Market funding
- 35.1% +2.1pp
2026Q1
Profitability Quality
●What is sustaining current profitability?
Profitability currently looks balanced, with ROAA at 1.69% and ROAE at 17.51%.
Net income on average earning assets is 1.74%, nim stands at 2.94%, credit cost is 0.36%, cir stands at 31.9%, average leverage is around 10.35 times.
- ROAA
- 1.69% +0.0pp
- ROAE
- 17.51% −0.1pp
- NI / Avg EA
- 1.74% +0.0pp
- Quarterly provision
- VND 686bn −64.9% QoQ
2026Q1
In summary
Research synthesis
What this reporting period is showing
ACB 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 core income can remain the main earnings anchor while fee income continues to broaden in a sustainable way.
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.