Analysis of business results & financial statements · Quý 1/2026
▼ SPREAD COMPRESSION
TTM PATMI fell −VND 2,710.4bn compared with the same period last year. Key positives came from lower corporate income tax, higher net interest income, and higher investment securities. Offsetting pressure came mainly from lower net fee income, higher provision for credit losses, and higher operating expenses.
See what is changing ↓- P/B
- 1.2x
- ROAE
- 2.9%
- NIM
- 2.4%
- Asset Yield
- 6.57%
- Funding Cost
- 4.12%
- ROAA
- 0.3%
- Market price
- 16,350 16 Oct 2026
The current picture
Bank Picture
EIB bank opening narrative plan rendered.
Profit bridge
Vs last year · TTM
- Corporate income tax
- Net interest income
- Investment securities
- Net fee income
- Provision for credit losses
- Operating expenses
- Other income
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 | 1.380,0 | 1.690,9 | 1.465,0 | 1.469,4 | 1.354,4 | 1.518,1 | 1.535,9 | 1.511,5 |
| NII Growth YoY | +2% | +11% | −5% | −3% | −0% | — | — | — |
| NIM | 2,45% | 2,47% | 2,51% | 2,61% | 2,71% | 2,77% | — | — |
| Net Fee Income | 35,6 | −107,6 | 9,7 | 192,1 | 146,3 | 742,1 | 102,9 | 124,7 |
| Provision Expense | 319,0 | 1.010,5 | 187,5 | 201,4 | 126,9 | 265,0 | 202,0 | 220,6 |
| Net Profit After Tax | 269,2 | −472,5 | 444,7 | 506,2 | 658,5 | 1.435,5 | 721,2 | 642,8 |
| Net Income Growth YoY | −59% | −133% | −38% | −21% | +25% | — | — | — |
Net interest income
1,380bnProvision expense
319bnNet income
269bnInside 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 1.16% of gross loans.
Reserve buffer on gross loans is around 1.16%. LDR stands at 91.6%.
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.
- Credit cost
- 0.70% +0.1pp
- Reserve / Gross loans
- 1.16% −0.1pp
- LDR
- 91.6% −0.6pp
2026Q1
Is interest margin sustainable?
Interest Margin Quality
▼▼Is spread coming under pressure?
Spread is under pressure from funding costs, with funding cost at 4.12%.
In the period, NIM reached 2.45%, −0.3pp YoY; asset yield was 6.57%, +0.3pp; while funding cost was 4.12%, +0.6pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.
NIM stands at 2.45%, leaving less room on spread.
Funding cost is 4.12%, pressuring net interest margin.
- NIM
- 2.45% −0.3pp
- Asset yield
- 6.57% +0.3pp
- Funding cost
- 4.12% +0.6pp
2026Q1
Earnings Mix
▼▼Is profit coming from core or supporting income sources?
Earnings mix should not be read as balanced, with CIR at 61.2% and only a very thin share of operating income left as bottom-line profit.
Nii accounts for 86.0% of toi, fee income is 1.9% of toi, other income is 7.1% of toi, cir stands at 61.2%, net profit equals 10.7% of toi.
CIR stands at 61.2%, suggesting cost discipline still needs work.
Fee income currently contributes only 1.9% of total operating income.
- NII / TOI
- 86.0% +4.0pp
- Fee / TOI
- 1.9% −1.4pp
- Other income / TOI
- 7.1% +0.5pp
- CIR
- 61.2% +2.9pp
2026Q1
Is liquidity safe?
Funding & Liquidity
●Are funding and capital buffers sufficiently safe?
Funding and liquidity look more balanced, with LDR at 91.6% while customer funding share is improving.
Ldr stands at 91.6%, equity equals 9.8% of assets, customer funding accounts for 76.7% of interest-bearing funding, market funding accounts for 23.3%.
- LDR
- 91.6% −0.6pp
- Equity / Assets
- 9.8% +0.3pp
- Customer funding
- 76.7% +2.3pp
- Market funding
- 23.3% −2.3pp
2026Q1
Profitability Quality
▼▼What is sustaining current profitability?
Profitability should be watched more closely, with ROAA at 0.29% and ROAE at 2.86%.
Net income on average earning assets is 0.30%, nim stands at 2.45%, credit cost is 0.70%, cir stands at 61.2%, average leverage is around 9.98 times.
ROAA stands at 0.29%, suggesting returns on assets are still soft.
ROAE currently stands at 2.86%.
- ROAA
- 0.29% −0.2pp
- ROAE
- 2.86% −1.6pp
- NI / Avg EA
- 0.30% −0.2pp
- Quarterly provision
- VND 319bn −68.4% QoQ
2026Q1
In summary
Research synthesis
What this reporting period is showing
EIB bank investment takeaway — spread compression. [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.
Some earnings signals this period are distorted by a weak base or unusual volatility, so the underlying trend should be confirmed over the next few quarters.
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.