Credit reading still relies mainly on credit cost, now at 0.65% 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 1.42%. LDR stands at 77.1%.
Credit reading currently relies mainly on credit cost and reserve buffer; NPL, group-2, and bad-debt coverage signals will be added next.
Key signals
Credit cost
0.65%
+0.0pp
Reserve / Gross loans
1.42%
+0.0pp
LDR
77.1%
−1.0pp
2026Q1
Is interest margin sustainable?
Interest Margin Quality
▼
Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 5.22%, even if pressure is not yet as severe as in clearer compression cases.
In the period, NIM reached 2.54%, −0.0pp YoY; asset yield was 7.77%, +0.4pp; while funding cost was 5.22%, +0.4pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.
Watchpoints
Funding cost is elevated
Funding cost is 5.22%, pressuring net interest margin.
Key signals
NIM
2.54%
−0.0pp
Asset yield
7.77%
+0.4pp
Funding cost
5.22%
+0.4pp
2026Q1
Earnings Mix
●
Is profit coming from core or supporting income sources?
Earnings mix should not be read as healthy on cost discipline alone, with CIR still at 56.7%.
Nii accounts for 91.1% of toi, fee income is -1.1% of toi, other income is 6.9% of toi, cir stands at 56.7%, net profit equals 16.1% of toi.
Watchpoints
CIR is elevated
CIR stands at 56.7%, suggesting cost discipline still needs work.
Fee-income base is thin
Fee income currently contributes only -1.1% of total operating income.
Key signals
NII / TOI
91.1%
−1.1pp
Fee / TOI
-1.1%
—
Other income / TOI
6.9%
+1.9pp
CIR
56.7%
−2.0pp
2026Q1
Is liquidity safe?
Funding & Liquidity
▼▼
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 77.1%, equity equals 5.6% of assets, customer funding accounts for 61.6% of interest-bearing funding, market funding accounts for 38.4%.
Watchpoints
Capital buffer looks thin
Equity currently accounts for only 5.6% of ending assets.
Market funding dependence is high
Market funding now accounts for 38.4% of interest-bearing funding.
Key signals
LDR
77.1%
−1.0pp
Equity / Assets
5.6%
−0.0pp
Customer funding
61.6%
+0.1pp
Market funding
38.4%
−0.1pp
2026Q1
Profitability Quality
▼▼
What is sustaining current profitability?
Profitability should be watched more closely, with ROAA at 0.43% and ROAE at 7.57%.
Net income on average earning assets is 0.45%, nim stands at 2.54%, credit cost is 0.65%, cir stands at 56.7%, average leverage is around 17.80 times.
Watchpoints
ROAA is low
ROAA stands at 0.43%, suggesting returns on assets are still soft.
ROAE should be watched
ROAE currently stands at 7.57%.
Key signals
ROAA
0.43%
+0.1pp
ROAE
7.57%
+1.4pp
NI / Avg EA
0.45%
+0.1pp
Quarterly provision
VND 215bn
−15.5% QoQ
2026Q1
Investment Takeaway
BVB 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.]
Statement Data
Item
2025
2024
Interest Income and Similar Income
8,192.2
6,485.7
Interest Expense and Similar Expenses
5,512.0
4,179.5
Net Interest Income
2,680.2
2,306.2
Fee and Commission Income
346.3
275.7
Fee and Commission Expenses
344.6
238.1
Net Fee and Commission Income
1.7
37.5
Net Gain/(Loss) from Foreign Currencies and Gold Trading
86.3
45.9
Net Gain/(Loss) from Investment Securities
-2.7
26.8
Other Income
158.5
64.5
Other Expenses
14.2
3.4
Net Other Income
144.3
61.1
Operating Expenses
1,707.6
1,475.2
Operating Profit before Provision for Credit Losses
1,202.1
1,002.4
Provision for Credit Losses
680.2
611.8
Profit Before Tax
521.9
390.6
Current Corporate Income Tax Expense
105.2
79.3
Corporate Income Tax
105.2
79.3
Net Profit After Tax
416.7
311.3
Net Profit Attributable to the Equity Holders of the Bank
416.7
311.3
Earnings per Share
699.00
564.00
Item
2025
2024
Cash, Gold and Precious Stones
607.8
610.9
Balances with the State Bank of Vietnam
1,537.7
2,766.2
Placements at and Loans to Other Credit Institutions
34,856.8
14,236.5
Placements at Other Credit Institutions
32,723.5
13,493.5
Loans to Other Credit Institutions
2,133.3
743.0
Derivatives and Other Financial Assets
199.5
—
Loans, Advances and Finance Leases to Customers
76,601.4
67,189.9
Loans, Advances and Finance Leases to Customers (Gross)
77,688.2
68,142.1
Provision for Losses on Loans, Advances and Finance Leases to Customers
-1,086.9
-952.2
Debt Purchased
548.0
—
Debt Purchased (Gross)
552.2
—
Provision for Debt Purchased
-4.3
—
Investment Securities
13,680.7
13,094.7
Available-for-sale Securities
10,549.7
9,233.8
Held-to-maturity Securities
3,541.4
4,073.9
Provision for Diminution in Value of Investment Securities
-410.4
-213.0
Fixed Assets
1,578.5
1,533.9
Tangible Fixed Assets
589.1
564.5
Tangible Fixed Assets Cost
986.3
908.5
Accumulated Depreciation of Tangible Fixed Assets
-397.2
-343.9
Intangible Fixed Assets
989.4
969.4
Intangible Fixed Assets Cost
1,234.6
1,194.7
Accumulated Depreciation of Intangible Fixed Assets
-245.3
-225.3
Other Assets
3,437.2
4,104.2
Accounts Receivables
344.4
1,494.4
Interest and Fee Receivables
1,869.9
1,583.2
Other Assets (Miscellaneous)
1,224.4
1,027.5
Provision for Risks in Other Assets
-1.4
-0.9
Total Assets
133,047.7
103,536.3
Due to Government and Borrowings from the State Bank of Vietnam
7,140.6
1,557.8
Placements and Borrowings from Other Credit Institutions
17,939.6
18,722.0
Placements from Other Credit Institutions
17,603.0
13,598.8
Borrowings from Other Credit Institutions
336.6
5,123.2
Deposits from Customers
71,413.7
67,389.4
Derivatives and Other Financial Liabilities
—
2.1
Funds Received from Government and Institutions, Trust Investments and Syndicated Loans
65.6
222.4
Valuable Papers Issued
26,693.5
7,525.6
Other Liabilities
2,334.1
1,962.1
Interest and Fee Payables
2,004.9
1,121.6
Other Liabilities (Miscellaneous)
329.2
840.5
Total Liabilities
125,587.2
97,381.4
Capital and Reserves
7,460.5
6,154.9
Capital
6,407.7
5,518.5
Charter Capital
6,408.2
5,518.5
Share Premium
-0.5
0.0
Reserves
320.0
258.0
Undistributed Earnings after Tax/Accumulated Loss
732.7
378.5
Total Liabilities and Equity
133,047.7
103,536.3
Item
2025
2024
Receipts from Interest and Similar Income
7,918.7
6,372.0
Payments for Interest and Similar Expenses
-4,629.0
-4,504.7
Receipts from Fee and Commission Income
1.7
37.5
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities
99.3
72.5
Receipts from Other Income
76.2
7.8
Receipts from Collection of Written-off Debts
68.5
49.7
Payments for Staff Costs and Operating Expenses
-1,646.5
-1,401.2
Corporate Income Tax Paid
-130.0
-39.6
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities
1,758.7
594.2
(Increase)/Decrease in Placements with and Loans to Other Credit Institutions
-16,290.3
157.0
(Increase)/Decrease in Trading Securities and Investment Securities
-785.6
-1,240.3
(Increase)/Decrease in Derivatives and Other Financial Assets
-201.6
—
(Increase)/Decrease in Loans and Advances to Customers
-9,546.1
-10,373.8
(Decrease)/Increase in Provisions for Damages
-341.7
-247.8
(Increase)/Decrease in Other Operating Assets
75.1
-449.2
Increase/(Decrease) in Due to Government and Borrowings from State Bank
5,582.8
1,557.8
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions
-782.3
6,215.3
Increase/(Decrease) in Deposits from Customers
4,024.2
10,250.7
Increase/(Decrease) in Valuable Papers Issued
17,913.6
-2,454.2
Increase/(Decrease) in Funds Received from Government and Institutions
-156.8
-139.4
Increase/(Decrease) in Derivatives and Other Financial Liabilities
—
-18.5
Increase/(Decrease) in Other Operating Liabilities
-475.6
457.3
Payments from Reserves
-0.3
-0.2
Net Cash Flows from Operating Activities
774.1
4,308.8
Purchase of Fixed Assets
-37.8
-225.4
Receipts from Disposal of Fixed Assets
218.5
10.6
Payments for Disposal of Fixed Assets
—
-0.1
Net Cash Flows from Investing Activities
180.7
-214.9
Receipts from Equity Issue and Owner Capital Contribution
889.2
—
Receipts from Issue of Valuable Papers and Other Long-term Borrowings
1,254.4
1,468.5
Net Cash Flows from Financing Activities
2,143.6
-43.6
Net Cash Flows during the Period
3,098.4
4,050.3
Cash and Cash Equivalents at Beginning of the Period
16,870.6
12,820.3
Cash and Cash Equivalents at End of the Period
19,969.0
16,870.6
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Interest Income and Similar Income
2,613.9
2,364.2
2,087.8
1,967.8
1,772.3
1,885.3
1,559.5
1,497.6
1,543.3
Interest Expense and Similar Expenses
1,828.8
1,549.4
1,371.1
1,324.0
1,267.5
1,126.4
1,034.8
946.9
1,071.3
Net Interest Income
785.1
814.8
716.7
643.8
504.8
758.9
524.6
550.7
472.0
Fee and Commission Income
91.4
121.9
91.6
76.8
56.0
89.3
65.2
64.6
56.7
Fee and Commission Expenses
110.6
150.3
76.0
80.3
38.0
87.7
72.6
41.8
36.0
Net Fee and Commission Income
-19.2
-28.4
15.6
-3.5
18.0
1.5
-7.4
22.7
20.7
Net Gain/(Loss) from Foreign Currencies and Gold Trading
51.6
10.8
22.2
20.7
32.6
8.3
1.9
17.1
18.6
Net Gain/(Loss) from Investment Securities
0.4
-1.9
-0.3
-0.3
-0.2
0.0
3.7
7.2
15.8
Other Income
102.9
35.6
94.7
26.3
1.9
17.1
7.6
13.2
7.3
Other Expenses
22.8
8.0
2.8
2.9
0.6
0.7
0.6
0.7
1.8
Net Other Income
80.2
27.6
91.9
23.4
1.3
16.3
6.9
12.5
5.5
Operating Expenses
467.7
483.7
403.1
488.0
332.7
413.7
360.1
344.2
357.1
Operating Profit before Provision for Credit Losses
430.5
339.3
442.9
196.1
223.9
371.4
169.7
266.1
175.5
Provision for Credit Losses
214.8
254.1
99.6
182.8
143.7
162.7
140.5
182.6
106.2
Profit Before Tax
215.6
85.2
343.3
13.2
80.2
208.7
29.2
83.4
69.3
Current Corporate Income Tax Expense
43.3
17.2
69.1
2.9
16.1
42.0
6.2
17.2
14.1
Corporate Income Tax
43.3
17.2
69.1
2.9
16.1
42.0
6.2
17.2
14.1
Net Profit After Tax
172.4
68.0
274.2
10.3
64.1
166.7
23.0
66.3
55.3
Net Profit Attributable to the Equity Holders of the Bank
172.4
68.0
274.2
10.3
64.1
166.7
23.0
66.3
55.3
Earnings per Share
269.00
—
—
—
116.00
—
—
—
110.00
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Cash, Gold and Precious Stones
615.3
607.8
513.3
695.3
656.7
610.9
675.4
647.2
541.8
Balances with the State Bank of Vietnam
795.1
1,537.7
2,550.8
1,340.6
1,287.8
2,766.2
2,019.0
1,207.1
1,085.6
Placements at and Loans to Other Credit Institutions
37,241.0
34,856.8
25,270.2
19,977.2
16,263.9
14,236.5
15,240.0
12,999.4
9,342.9
Placements at Other Credit Institutions
36,596.0
32,723.5
25,270.2
19,880.7
16,077.9
13,493.5
15,150.0
12,999.4
9,142.9
Loans to Other Credit Institutions
645.0
2,133.3
—
96.5
186.0
743.0
90.0
—
200.0
Derivatives and Other Financial Assets
—
199.5
—
2.4
0.0
—
0.4
—
8.9
Loans, Advances and Finance Leases to Customers
78,099.5
76,601.4
75,911.7
71,475.7
69,732.3
67,111.2
63,104.4
58,702.1
56,234.8
Loans, Advances and Finance Leases to Customers (Gross)
79,226.1
77,688.2
77,089.8
72,601.4
70,821.5
68,063.4
64,080.9
59,588.8
57,095.7
Provision for Losses on Loans, Advances and Finance Leases to Customers
-1,126.6
-1,086.9
-1,178.1
-1,125.7
-1,089.1
-952.2
-976.5
-886.7
-860.9
Debt Purchased
683.1
548.0
594.8
828.3
887.5
—
4.5
—
—
Debt Purchased (Gross)
688.3
552.2
599.4
834.6
894.2
—
4.5
—
—
Provision for Debt Purchased
-5.2
-4.3
-4.6
-6.3
-6.7
—
—
—
—
Investment Securities
13,517.6
13,680.7
13,150.8
15,863.8
15,729.4
13,094.7
13,068.6
11,502.7
11,433.1
Available-for-sale Securities
10,548.6
10,549.7
9,734.4
10,169.2
9,776.5
9,233.8
9,389.5
7,562.4
7,267.7
Held-to-maturity Securities
3,473.9
3,541.4
3,690.9
5,941.3
6,165.9
4,073.9
3,826.6
4,037.0
4,211.8
Provision for Diminution in Value of Investment Securities
-504.9
-410.4
-274.5
-246.6
-213.0
-213.0
-147.5
-96.7
-46.3
Fixed Assets
1,562.8
1,578.5
1,512.7
1,516.9
1,531.1
1,533.9
1,365.2
1,280.7
1,296.2
Tangible Fixed Assets
575.6
589.1
546.7
557.1
563.3
564.5
540.8
479.3
490.1
Tangible Fixed Assets Cost
986.3
—
—
—
—
—
—
—
—
Accumulated Depreciation of Tangible Fixed Assets
-410.8
—
—
—
—
—
—
—
—
Intangible Fixed Assets
987.2
989.4
966.0
959.8
967.8
969.4
824.4
801.4
806.1
Intangible Fixed Assets Cost
1,237.5
—
—
—
—
—
—
—
—
Accumulated Depreciation of Intangible Fixed Assets
-250.3
—
—
—
—
—
—
—
—
Other Assets
4,369.6
3,437.2
3,101.3
3,809.3
4,029.5
4,182.9
3,942.0
4,150.4
4,013.5
Accounts Receivables
795.4
344.4
993.2
1,289.6
1,329.6
1,494.4
2,179.0
1,660.0
1,755.6
Interest and Fee Receivables
2,628.6
1,869.9
1,311.1
1,752.0
1,574.4
1,583.2
1,144.0
1,684.2
1,704.4
Other Assets (Miscellaneous)
955.2
1,224.4
798.4
769.0
1,126.4
1,106.1
619.0
806.3
553.5
Provision for Risks in Other Assets
-9.6
-1.4
-1.4
-1.4
-0.9
-0.9
—
—
—
Total Assets
136,884.2
133,047.7
122,605.6
115,509.4
110,118.1
103,536.3
99,419.6
90,489.5
83,956.7
Due to Government and Borrowings from the State Bank of Vietnam
6,537.4
7,140.6
3,504.9
3,627.0
1,571.8
1,557.8
1,567.1
297.7
—
Placements and Borrowings from Other Credit Institutions
18,759.1
17,939.6
16,630.4
21,116.1
16,782.1
18,722.0
23,303.5
19,022.7
8,419.1
Placements from Other Credit Institutions
18,759.1
17,603.0
15,660.3
18,474.4
14,632.4
13,598.8
19,816.8
17,361.8
8,195.6
Borrowings from Other Credit Institutions
—
336.6
970.2
2,641.7
2,149.6
5,123.2
3,486.7
1,661.0
223.5
Deposits from Customers
74,032.8
71,413.7
69,622.5
68,796.5
71,012.3
67,389.4
60,432.8
57,487.5
59,662.5
Derivatives and Other Financial Liabilities
21.2
—
9.0
—
—
2.1
—
1.1
—
Funds Received from Government and Institutions, Trust Investments and Syndicated Loans
65.6
65.6
65.8
228.2
223.7
222.4
215.2
253.5
248.2
Valuable Papers Issued
27,305.0
26,693.5
23,171.7
12,609.8
12,484.5
7,525.6
6,559.2
6,035.1
7,988.3
Other Liabilities
2,506.6
2,334.1
2,219.4
2,212.3
1,824.5
1,962.1
1,308.7
1,375.7
1,680.2
Interest and Fee Payables
2,164.7
2,004.9
1,808.3
1,760.7
1,429.2
1,121.6
986.3
1,082.7
1,428.4
Other Liabilities (Miscellaneous)
342.0
329.2
411.1
451.5
395.3
840.5
322.3
293.0
251.8
Total Liabilities
129,227.6
125,587.2
115,223.8
108,589.8
103,898.9
97,381.4
93,386.4
84,473.4
77,998.3
Capital and Reserves
7,656.6
7,460.5
7,381.8
6,919.6
6,219.2
6,154.9
6,033.2
6,016.1
5,958.4
Capital
6,407.7
6,407.7
6,407.7
6,208.2
5,518.5
5,518.5
5,518.5
5,016.8
5,016.8
Charter Capital
6,408.2
6,408.2
6,408.2
6,208.2
5,518.5
5,518.5
5,518.5
5,016.8
5,016.8
Share Premium
-0.5
-0.5
-0.5
0.0
0.0
0.0
0.0
0.0
0.0
Reserves
320.0
320.0
320.2
320.2
258.0
258.0
258.1
258.1
249.7
Foreign Exchange Differences
23.7
—
-11.0
0.4
0.2
—
44.7
50.7
59.3
Undistributed Earnings after Tax/Accumulated Loss
905.1
732.7
664.9
390.7
442.6
378.5
211.9
690.6
632.6
Total Liabilities and Equity
136,884.2
133,047.7
122,605.6
115,509.4
110,118.1
103,536.3
99,419.6
90,489.5
83,956.7
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Receipts from Interest and Similar Income
1,874.4
1,801.4
2,548.6
1,788.9
1,779.8
1,448.1
2,100.4
1,516.0
1,307.5
Payments for Interest and Similar Expenses
-1,649.7
-1,373.4
-1,332.2
-977.5
-946.0
-966.8
-1,056.5
-1,230.2
-1,251.2
Receipts from Fee and Commission Income
-19.2
-28.4
15.6
-3.5
18.0
1.5
-7.4
22.7
20.7
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities
14.5
30.2
14.8
21.9
32.5
8.3
5.6
24.7
33.9
Receipts from Other Income
1.2
3.9
72.1
-0.6
0.8
3.6
1.2
2.8
0.2
Receipts from Collection of Written-off Debts
79.3
24.0
19.8
24.1
0.6
12.8
5.7
29.5
1.6
Payments for Staff Costs and Operating Expenses
-510.1
-436.3
-391.7
-344.7
-473.8
-403.3
-330.4
-299.3
-368.3
Corporate Income Tax Paid
-17.2
-69.1
-2.9
-16.1
-41.9
-6.2
-17.2
-13.2
-3.0
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities
-226.8
-47.7
944.1
492.5
369.9
98.2
701.5
53.1
-258.6
(Increase)/Decrease in Placements with and Loans to Other Credit Institutions
1,068.3
-6,133.3
-7,303.5
-3,410.5
557.0
-653.0
-90.0
200.0
700.0
(Increase)/Decrease in Trading Securities and Investment Securities
68.6
-665.8
2,683.0
-168.1
-2,634.7
-91.6
-1,616.7
-119.9
587.9
(Increase)/Decrease in Derivatives and Other Financial Assets
199.5
-197.2
—
-4.4
-0.0
—
8.5
—
-8.9
(Increase)/Decrease in Loans and Advances to Customers
-1,537.8
-598.4
-4,488.4
-1,779.9
-2,679.4
-4,061.2
-4,492.1
-2,493.1
672.5
(Decrease)/Increase in Provisions for Damages
-79.7
-209.8
-18.9
-113.0
—
-121.5
0.0
-126.3
—
(Increase)/Decrease in Other Operating Assets
181.7
177.9
488.2
325.9
-916.9
97.9
-343.5
-224.7
21.0
Increase/(Decrease) in Due to Government and Borrowings from State Bank
-603.2
3,635.7
-122.1
2,055.2
14.0
-9.3
1,269.4
297.7
—
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions
819.4
1,309.2
-4,485.6
4,334.0
-1,939.9
-4,581.6
4,280.8
10,603.6
-4,087.6
Increase/(Decrease) in Deposits from Customers
2,619.1
1,791.2
826.0
-2,215.8
3,622.9
6,956.7
2,945.3
-2,175.1
2,523.8
Increase/(Decrease) in Valuable Papers Issued
611.5
3,521.8
10,561.9
125.2
3,704.6
1,350.8
-944.5
-1,853.2
-1,007.4
Increase/(Decrease) in Funds Received from Government and Institutions
—
-0.2
-162.3
4.5
1.3
7.2
-38.4
5.3
-113.5
Increase/(Decrease) in Derivatives and Other Financial Liabilities
21.2
—
9.0
—
-2.1
2.1
-1.1
1.1
-20.6
Increase/(Decrease) in Other Operating Liabilities
-8.4
-34.9
-107.7
71.3
-404.3
466.7
39.4
37.6
-86.4
Payments from Reserves
—
-0.4
—
0.1
—
-0.2
—
—
—
Net Cash Flows from Operating Activities
3,133.3
2,536.8
-1,174.1
-281.0
-307.6
-538.3
1,709.8
4,215.2
-1,077.8
Purchase of Fixed Assets
-439.6
-13.0
3.3
-14.4
-13.7
-12.9
-181.6
-23.2
-7.8
Receipts from Disposal of Fixed Assets
—
0.0
-0.0
0.0
218.5
6.5
0.0
-0.0
4.1
Payments for Disposal of Fixed Assets
—
—
—
—
—
0.0
0.0
0.0
-0.1
Net Cash Flows from Investing Activities
-439.6
-13.0
3.3
-14.4
204.8
-6.4
-181.6
-23.2
-3.7
Receipts from Equity Issue and Owner Capital Contribution
—
0.0
199.8
689.4
—
—
—
—
—
Receipts from Issue of Valuable Papers and Other Long-term Borrowings
—
0.0
0.0
0.0
1,254.4
0.0
1,468.5
—
—
Net Cash Flows from Financing Activities
—
0.0
199.8
689.4
1,254.4
-384.4
1,468.5
-100.0
-1,027.7
Net Cash Flows during the Period
2,693.7
2,523.8
-970.9
394.0
1,151.6
-929.1
2,996.7
4,092.0
-2,109.3
Cash and Cash Equivalents at Beginning of the Period
19,969.0
17,434.3
18,416.6
18,022.4
16,870.6
17,844.4
14,853.7
10,770.3
12,820.3
Exchange Difference due to Re-valuation of Ending Balances