Analysis of business results & financial statements · Quý 2/2026
▼ FUNDING UNDER PRESSURE
TTM PATMI rose +VND 10,052.8bn compared with the same period last year. Key positives came from higher net interest income, lower provision for credit losses, and higher net fee income. Offsetting pressure came mainly from higher operating expenses, higher corporate income tax, and lower fx & gold trading.
See what is changing ↓- P/B
- 1.2x
- ROAE
- 22.1%
- NIM
- 2.8%
- Asset Yield
- 6.08%
- Funding Cost
- 3.29%
- ROAA
- 1.4%
- Market price
- 30,600 16 Oct 2026
The current picture
Bank Picture
CTG bank opening narrative plan rendered.
Profit bridge
Vs last year · TTM
- Net interest income
- Provision for credit losses
- Net fee income
- Investment securities
- Minority interest
- Operating expenses
- 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 | 20.730,5 | 19.385,2 | 17.959,7 | 17.175,7 | 15.842,6 | 15.475,2 | 16.312,2 | 15.577,5 |
| NII Growth YoY | +31% | +25% | +10% | +10% | +3% | +2% | — | — |
| NIM | 2,79% | 2,69% | 2,66% | 2,67% | 2,73% | 2,85% | 2,89% | — |
| Net Fee Income | 2.268,6 | 1.847,0 | 1.696,9 | 1.587,3 | 1.434,2 | 1.610,5 | 1.239,7 | 1.801,4 |
| Provision Expense | 5.300,3 | 7.700,9 | 350,9 | 5.863,4 | 2.972,8 | 8.111,0 | 2.464,3 | 9.268,7 |
| Net Profit After Tax | 11.783,5 | 8.960,0 | 11.093,6 | 8.512,5 | 9.752,0 | 5.499,4 | 9.870,6 | 5.192,5 |
| Net Income Growth YoY | +21% | +63% | +12% | +64% | +80% | +10% | — | — |
Net interest income
20,730bnProvision expense
5,300bnNet income
11,783bnInside 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 thin, but reserve buffer is the more notable signal now, having slipped to 1.61% of gross loans.
Reserve buffer on gross loans is around 1.61%. LDR stands at 101.2%.
Credit reading currently relies mainly on credit cost and reserve buffer; NPL, group-2, and bad-debt coverage signals will be added next.
Provision-to-gross-loans is declining quarter over quarter, suggesting a thinner loss-absorbing reserve buffer.
LDR stands at 101.2%, leaving less room on liquidity.
- Credit cost
- 0.71% +0.1pp
- Reserve / Gross loans
- 1.61% −0.1pp
- LDR
- 101.2% +0.2pp
2026Q2
Is interest margin sustainable?
Interest Margin Quality
▼Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 3.29%, even if pressure is not yet as severe as in clearer compression cases.
In the period, NIM reached 2.79%, +0.1pp YoY; asset yield was 6.08%, +0.4pp; while funding cost was 3.29%, +0.4pp. This suggests spread is not yet showing a clearly deteriorating pattern.
- NIM
- 2.79% +0.1pp
- Asset yield
- 6.08% +0.4pp
- Funding cost
- 3.29% +0.4pp
2026Q2
Earnings Mix
●Is profit coming from core or supporting income sources?
Earnings mix currently looks balanced.
Nii accounts for 77.3% of toi, fee income is 7.6% of toi, other income is 10.8% of toi, cir stands at 28.5%, net profit equals 41.4% of toi.
Fee income currently contributes only 7.6% of total operating income.
- NII / TOI
- 77.3% +0.7pp
- Fee / TOI
- 7.6% +0.5pp
- Other income / TOI
- 10.8% −0.5pp
- CIR
- 28.5% −1.1pp
2026Q2
Is liquidity safe?
Funding & Liquidity
▼▼Are funding and capital buffers sufficiently safe?
Liquidity balance should be watched more closely, with LDR at 101.2%.
Ldr stands at 101.2%, equity equals 6.8% of assets, customer funding accounts for 75.4% of interest-bearing funding, market funding accounts for 24.6%.
LDR stands at 101.2%, leaving less room on liquidity.
Equity currently accounts for only 6.8% of ending assets.
- LDR
- 101.2% +0.2pp
- Equity / Assets
- 6.8% +0.3pp
- Customer funding
- 75.4% +0.6pp
- Market funding
- 24.6% −0.6pp
2026Q2
Profitability Quality
●What is sustaining current profitability?
Profitability currently looks balanced, but should be read in the context of light provisioning, with ROAA at 1.45%.
Net income on average earning assets is 1.49%, nim stands at 2.79%, credit cost is 0.71%, cir stands at 28.5%, average leverage is around 15.31 times.
Average leverage is currently around 15.31 times.
- ROAA
- 1.45% +0.0pp
- ROAE
- 22.17% −0.2pp
- NI / Avg EA
- 1.49% +0.0pp
- Quarterly provision
- VND 5,300bn −31.2% QoQ
2026Q2
In summary
Research synthesis
What this reporting period is showing
CTG 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 bank can build a clearer service-fee contribution to reduce reliance on a single earnings pillar.
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