TTM PATMI rose +VND 6,229.3bn compared with the same period last year. Key positives came from higher other income, higher net interest income, and higher trading securities. Offsetting pressure came mainly from lower investment securities, higher operating expenses, and higher provision for credit losses.

Is asset quality deteriorating?

Direct credit reading is still incomplete, but funding balance has tightened with LDR rising to 97.9%.

Reserve buffer on gross loans is around 1.53%. LDR stands at 97.9%.

Credit reading currently relies mainly on credit cost and reserve buffer; NPL, group-2, and bad-debt coverage signals will be added next.

Is spread coming under pressure?

NIM should be watched more closely, currently at 2.15%.

In the period, NIM reached 2.15%, −0.2pp YoY; asset yield was 5.36%, −0.2pp; while funding cost was 3.22%, −0.0pp. This suggests spread narrowed mainly because asset yields softened faster than funding costs eased, rather than reflecting a fresh funding-stress episode.

Is profit coming from core or supporting income sources?

Earnings mix currently looks balanced. 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 69.2% of toi, fee income is 7.5% of toi, other income is 14.9% of toi, cir stands at 33.1%, net profit equals 33.4% of toi.

Are funding and capital buffers sufficiently safe?

Capital buffer is the key watchpoint, with equity only at 5.6% of ending assets.

Ldr stands at 97.9%, equity equals 5.6% of assets, customer funding accounts for 74.3% of interest-bearing funding, market funding accounts for 25.7%.

What is sustaining current profitability?

Profitability currently looks balanced, with ROAA at 1.01% and ROAE at 18.13%.

Net income on average earning assets is 1.04%, nim stands at 2.15%, credit cost is 0.79%, cir stands at 33.1%, average leverage is around 18.02 times.