Analysis of business results & financial statements · Quý 2/2026
▼ FUNDING UNDER PRESSURE
TTM PATMI fell −VND 1,297.0bn compared with the same period last year. Key positives came from higher net interest income, higher trading securities, and higher net fee income. Offsetting pressure came mainly from higher provision for credit losses, lower other income, and lower investment securities.
See what is changing ↓- P/B
- 1.1x
- ROAE
- 16.8%
- NIM
- 2.9%
- Asset Yield
- 7.02%
- Funding Cost
- 4.08%
- ROAA
- 1.6%
- Market price
- 20,600 16 Oct 2026
The current picture
Bank Picture
ACB bank opening narrative plan rendered.
Profit bridge
Vs last year · TTM
- Net interest income
- Trading securities
- Net fee income
- Corporate income tax
- Operating expenses
- Provision for credit losses
- Other income
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 | 7.784,7 | 6.989,2 | 7.093,3 | 6.769,7 | 6.683,8 | 6.358,9 | 7.080,3 | 6.881,4 |
| NII Growth YoY | +16% | +10% | +0% | −2% | −6% | −5% | — | — |
| NIM | 2,94% | 2,94% | 2,93% | 3,20% | 3,26% | 3,48% | 3,59% | — |
| Net Fee Income | 825,4 | 992,9 | 894,3 | 795,4 | 584,7 | 872,3 | 868,8 | 747,2 |
| Provision Expense | 1.060,2 | 686,0 | 1.956,6 | 288,9 | 463,0 | 626,1 | 147,7 | 358,2 |
| Net Profit After Tax | 4.292,5 | 4.320,4 | 2.784,7 | 4.280,6 | 4.881,2 | 3.678,3 | 4.545,4 | 3.870,4 |
| Net Income Growth YoY | −12% | +17% | −39% | +11% | +9% | −6% | — | — |
Net interest income
7,785bnProvision expense
1,060bnNet income
4,292bnInside 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 0.41% 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 1.08%. LDR stands at 95.1%.
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
- 0.41% +0.0pp
- Reserve / Gross loans
- 1.08% −0.0pp
- LDR
- 95.1% −1.6pp
2026Q2
Is interest margin sustainable?
Interest Margin Quality
▼Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 4.08%, even if pressure is not yet as severe as in clearer compression cases.
In the period, NIM reached 2.94%, −0.3pp YoY; asset yield was 7.02%, +0.5pp; while funding cost was 4.08%, +0.8pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.
Funding cost is 4.08%, pressuring net interest margin.
- NIM
- 2.94% −0.3pp
- Asset yield
- 7.02% +0.5pp
- Funding cost
- 4.08% +0.8pp
2026Q2
Earnings Mix
▲▲Is profit coming from core or supporting income sources?
Earnings remain primarily core-led, with NII contributing around 82.7% of total operating income.
Nii accounts for 82.7% of toi, fee income is 10.1% of toi, other income is 1.3% of toi, cir stands at 31.9%, net profit equals 45.3% of toi.
Fee income share is improving clearly enough to make the earnings mix less dependent on net interest income.
- NII / TOI
- 82.7% +3.5pp
- Fee / TOI
- 10.1% +0.7pp
- Other income / TOI
- 1.3% −1.8pp
- CIR
- 31.9% +0.1pp
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 37.6% while customer funding share has softened.
Ldr stands at 95.1%, equity equals 9.3% of assets, customer funding accounts for 62.4% of interest-bearing funding, market funding accounts for 37.6%.
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 37.6% of interest-bearing funding.
- LDR
- 95.1% −1.6pp
- Equity / Assets
- 9.3% −0.3pp
- Customer funding
- 62.4% −2.5pp
- Market funding
- 37.6% +2.5pp
2026Q2
Profitability Quality
▼▼What is sustaining current profitability?
Profitability is under clearer pressure as provisioning is rising sharply, with ROAA currently at 1.57%.
Net income on average earning assets is 1.61%, nim stands at 2.94%, credit cost is 0.41%, cir stands at 31.9%, average leverage is around 10.73 times.
Quarterly provision expense increased 54.5% QoQ.
- ROAA
- 1.57% −0.1pp
- ROAE
- 16.81% −0.7pp
- NI / Avg EA
- 1.61% −0.1pp
- Quarterly provision
- VND 1,060bn +54.5% QoQ
2026Q2
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 the stability of credit costs and the bank's ability to maintain reserve buffers over the next few quarters.
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.