Analysis of business results & financial statements · Quý 1/2026
▲ STABLE WITH WATCH ITEMS
TTM PATMI rose +VND 3,147.2bn compared with the same period last year. Key positives came from higher net interest income, higher net fee income, and higher investment securities. Offsetting pressure came mainly from higher provision for credit losses, higher corporate income tax, and lower other income.
See what is changing ↓- P/B
- 1.4x
- ROAE
- 23.6%
- NIM
- 4.6%
- Asset Yield
- 9.32%
- Funding Cost
- 4.74%
- ROAA
- 2.0%
- Market price
- 22,800 16 Oct 2026
The current picture
Bank Picture
HDB bank opening narrative plan rendered.
Profit bridge
Vs last year · TTM
- Net interest income
- Net fee income
- Investment securities
- FX & gold trading
- Operating expenses
- Provision for credit losses
- Corporate income tax
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 | 8.483,0 | 9.755,6 | 7.763,3 | 9.819,2 | 7.408,1 | 8.202,7 | 7.773,4 | 7.719,9 |
| NII Growth YoY | +15% | +19% | −0% | +27% | +3% | — | — | — |
| NIM | 4,58% | 4,64% | 5,12% | 5,21% | 5,24% | 5,26% | — | — |
| Net Fee Income | 847,1 | 874,4 | 1.187,2 | 1.331,6 | 733,3 | 423,5 | 412,1 | 224,6 |
| Provision Expense | 1.258,5 | 1.991,1 | 2.294,0 | 4.141,1 | 1.324,8 | 1.831,9 | 1.093,5 | 1.126,2 |
| Net Profit After Tax | 4.902,1 | 5.220,2 | 3.798,8 | 3.676,1 | 4.357,7 | 3.237,2 | 3.545,6 | 3.251,9 |
| Net Income Growth YoY | +12% | +61% | +7% | +13% | +36% | — | — | — |
Net interest income
8,483bnProvision expense
1,258bnNet income
4,902bnInside 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 1.24% 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 1.30%. LDR stands at 81.8%.
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
- 1.24% −0.1pp
- Reserve / Gross loans
- 1.30% −0.0pp
- LDR
- 81.8% −1.4pp
2026Q1
Is interest margin sustainable?
Interest Margin Quality
▼Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 4.74%, even if pressure is not yet as severe as in clearer compression cases. This suggests spread is under pressure from both sides, with softer asset yields and rising funding costs.
In the period, NIM reached 4.58%, −0.7pp YoY; asset yield was 9.32%, −0.6pp; while funding cost was 4.74%, +0.1pp. This suggests spread has become less favorable mainly because asset yields softened, while the mild rise in funding cost is not yet enough to call it a strong two-sided compression episode.
Spread is under pressure from both sides, with softer asset yields and rising funding costs.
Funding cost is 4.74%, pressuring net interest margin.
- NIM
- 4.58% −0.7pp
- Asset yield
- 9.32% −0.6pp
- Funding cost
- 4.74% +0.1pp
2026Q1
Earnings Mix
▲▲Is profit coming from core or supporting income sources?
Earnings remain primarily core-led, with NII contributing around 82.5% of total operating income.
Nii accounts for 82.5% of toi, fee income is 9.8% of toi, other income is 1.0% of toi, cir stands at 26.9%, net profit equals 40.5% of toi.
Fee income share is improving clearly enough to make the earnings mix less dependent on net interest income.
- NII / TOI
- 82.5% +1.1pp
- Fee / TOI
- 9.8% +0.1pp
- Other income / TOI
- 1.0%
- CIR
- 26.9% −0.3pp
2026Q1
Is liquidity safe?
Funding & Liquidity
●Are funding and capital buffers sufficiently safe?
Funding and liquidity look more balanced, with LDR at 81.8% while customer funding share is improving.
Ldr stands at 81.8%, equity equals 8.5% of assets, customer funding accounts for 70.8% of interest-bearing funding, market funding accounts for 29.2%.
- LDR
- 81.8% −1.4pp
- Equity / Assets
- 8.5% +0.0pp
- Customer funding
- 70.8% +2.2pp
- Market funding
- 29.2% −2.2pp
2026Q1
Profitability Quality
▲▲What is sustaining current profitability?
Profitability quality looks constructive, with ROAA at 2.08% and ROAE at 24.40%, primarily supported by spread.
Net income on average earning assets is 2.25%, nim stands at 4.58%, credit cost is 1.24%, cir stands at 26.9%, average leverage is around 11.76 times.
- ROAA
- 2.08% −0.0pp
- ROAE
- 24.40% −0.9pp
- NI / Avg EA
- 2.25% −0.0pp
- Quarterly provision
- VND 1,258bn −36.8% QoQ
2026Q1
In summary
Research synthesis
What this reporting period is showing
HDB bank investment takeaway — core engine with caveat. [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 the recent shift back toward customer funding can hold, rather than proving to be only a short-term quarterly improvement.
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.