Direct credit reading is still incomplete, but funding balance has tightened with LDR rising to 93.0%.
Reserve buffer on gross loans is around 1.37%. LDR stands at 93.0%.
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
0.59%
+0.0pp
Reserve / Gross loans
1.37%
−0.0pp
LDR
93.0%
+3.6pp
2026Q1
Is interest margin sustainable?
Interest Margin Quality
▼
Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 3.46%, even if pressure is not yet as severe as in clearer compression cases. This suggests spread is under pressure mainly because funding costs are rising.
In the period, NIM reached 3.40%, −0.3pp YoY; asset yield was 6.86%, −0.0pp; while funding cost was 3.46%, +0.3pp. This suggests spread is under pressure from both softer asset yields and rising funding costs.
Watchpoints
Spread compression in progress
Spread is under pressure mainly because funding costs are rising.
Key signals
NIM
3.40%
−0.3pp
Asset yield
6.86%
−0.0pp
Funding cost
3.46%
+0.3pp
2026Q1
Earnings Mix
▲▲
Is profit coming from core or supporting income sources?
Earnings remain primarily core-led, with NII contributing around 80.6% of total operating income.
Nii accounts for 80.6% of toi, fee income is 11.0% of toi, other income is 4.5% of toi, cir stands at 35.3%, net profit equals 40.7% of toi.
Key signals
NII / TOI
80.6%
+2.7pp
Fee / TOI
11.0%
−1.5pp
Other income / TOI
4.5%
+0.4pp
CIR
35.3%
−0.8pp
2026Q1
Is liquidity safe?
Funding & Liquidity
▼▼
Are funding and capital buffers sufficiently safe?
Funding structure is leaning more toward market sources, with market funding up to 43.5% while customer funding share has softened.
Ldr stands at 93.0%, equity equals 10.7% of assets, customer funding accounts for 56.5% of interest-bearing funding, market funding accounts for 43.5%.
Watchpoints
Funding mix turning less comfortable
Market funding share is rising quarter over quarter, suggesting a less comfortable funding mix even if stress is not yet severe.
Market funding dependence is high
Market funding now accounts for 43.5% of interest-bearing funding.
Key signals
LDR
93.0%
+3.6pp
Equity / Assets
10.7%
+0.2pp
Customer funding
56.5%
−2.3pp
Market funding
43.5%
+2.3pp
2026Q1
Profitability Quality
●
What is sustaining current profitability?
Profitability currently looks balanced, with ROAA at 1.62% and ROAE at 14.33%.
Net income on average earning assets is 1.72%, nim stands at 3.40%, credit cost is 0.59%, cir stands at 35.3%, average leverage is around 8.87 times.
Key signals
ROAA
1.62%
+0.1pp
ROAE
14.33%
+0.1pp
NI / Avg EA
1.72%
+0.1pp
Quarterly provision
VND 500bn
+44.3% QoQ
2026Q1
Investment Takeaway
MSB 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
21,601.3
18,681.3
Interest Expense and Similar Expenses
10,653.8
8,438.2
Net Interest Income
10,947.5
10,243.1
Fee and Commission Income
2,377.4
1,834.8
Fee and Commission Expenses
624.5
480.7
Net Fee and Commission Income
1,752.9
1,354.1
Net Gain/(Loss) from Foreign Currencies and Gold Trading
845.0
1,055.9
Net Gain/(Loss) from Trading Securities
-0.1
-0.5
Net Gain/(Loss) from Investment Securities
-76.6
273.5
Other Income
608.4
1,869.9
Other Expenses
32.5
577.6
Net Other Income
575.9
1,292.2
Operating Expenses
5,067.7
5,229.9
Operating Profit before Provision for Credit Losses
8,976.8
8,988.3
Provision for Credit Losses
1,918.4
2,084.5
Profit Before Tax
7,058.4
6,903.8
Current Corporate Income Tax Expense
1,429.9
1,384.5
Corporate Income Tax
1,429.9
1,384.5
Net Profit After Tax
5,628.5
5,519.4
Net Profit Attributable to the Equity Holders of the Bank
5,628.5
5,519.4
Earnings per Share
1,804.00
2,123.00
Item
2025
2024
Cash, Gold and Precious Stones
1,458.5
1,203.1
Balances with the State Bank of Vietnam
9,820.0
5,494.8
Placements at and Loans to Other Credit Institutions
73,969.0
60,936.2
Placements at Other Credit Institutions
59,247.9
54,250.0
Loans to Other Credit Institutions
14,721.0
6,686.2
Loans, Advances and Finance Leases to Customers
202,358.2
173,467.4
Loans, Advances and Finance Leases to Customers (Gross)
205,208.8
176,493.5
Provision for Losses on Loans, Advances and Finance Leases to Customers
-2,850.6
-3,026.1
Investment Securities
97,293.3
65,569.9
Available-for-sale Securities
97,308.0
65,604.8
Provision for Diminution in Value of Investment Securities
-14.7
-34.9
Capital Contribution and Other Long-term Investments
1.2
12.0
Other Long-term Investments
1.2
17.0
Provision for Diminution in Value of Long-term Investments
—
-5.0
Fixed Assets
497.8
432.7
Tangible Fixed Assets
288.2
232.4
Tangible Fixed Assets Cost
837.3
746.2
Accumulated Depreciation of Tangible Fixed Assets
-549.1
-513.8
Intangible Fixed Assets
209.6
200.3
Intangible Fixed Assets Cost
707.8
666.1
Accumulated Depreciation of Intangible Fixed Assets
-498.2
-465.8
Other Assets
22,276.0
13,032.1
Accounts Receivables
11,435.4
7,481.1
Interest and Fee Receivables
10,202.8
4,897.8
Other Assets (Miscellaneous)
674.8
710.6
Provision for Risks in Other Assets
-37.0
-57.5
Total Assets
407,673.9
320,148.1
Due to Government and Borrowings from the State Bank of Vietnam
23,066.6
9,203.5
Placements and Borrowings from Other Credit Institutions
108,610.2
92,189.5
Placements from Other Credit Institutions
79,154.3
59,769.1
Borrowings from Other Credit Institutions
29,455.9
32,420.3
Deposits from Customers
196,671.6
154,612.5
Derivatives and Other Financial Liabilities
433.5
730.1
Valuable Papers Issued
29,634.1
21,210.6
Other Liabilities
6,811.8
5,384.4
Interest and Fee Payables
4,341.0
2,831.1
Other Liabilities (Miscellaneous)
2,470.8
2,553.3
Total Liabilities
365,227.9
283,330.5
Capital and Reserves
42,446.1
36,817.6
Capital
31,234.1
26,034.1
Charter Capital
31,200.0
26,000.0
Share Premium
33.5
33.5
Reserves
4,393.9
3,288.0
Undistributed Earnings after Tax/Accumulated Loss
6,818.1
7,495.5
Total Liabilities and Equity
407,673.9
320,148.1
Item
2025
2024
Receipts from Interest and Similar Income
16,497.2
18,910.3
Payments for Interest and Similar Expenses
-9,143.8
-9,420.3
Receipts from Fee and Commission Income
1,552.0
1,292.6
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities
806.8
1,346.7
Receipts from Other Income
-934.7
-977.8
Receipts from Collection of Written-off Debts
366.9
1,341.8
Payments for Staff Costs and Operating Expenses
-4,320.5
-4,362.1
Corporate Income Tax Paid
-1,112.9
-1,224.9
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities
3,710.9
6,906.3
(Increase)/Decrease in Placements with and Loans to Other Credit Institutions
-8,034.9
3,078.8
(Increase)/Decrease in Trading Securities and Investment Securities
-29,758.6
-27,707.3
(Increase)/Decrease in Loans and Advances to Customers
-28,716.2
-27,348.3
(Decrease)/Increase in Provisions for Damages
-2,169.5
-1,407.4
(Increase)/Decrease in Other Operating Assets
-3,918.0
2,038.4
Increase/(Decrease) in Due to Government and Borrowings from State Bank
13,863.1
8,191.0
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions
16,420.7
6,636.0
Increase/(Decrease) in Deposits from Customers
42,059.2
22,262.3
Increase/(Decrease) in Valuable Papers Issued
8,423.5
12,219.2
Increase/(Decrease) in Derivatives and Other Financial Liabilities
-296.6
466.8
Increase/(Decrease) in Other Operating Liabilities
109.7
-1,186.5
Payments from Reserves
-0.0
-0.0
Net Cash Flows from Operating Activities
11,693.3
4,149.2
Purchase of Fixed Assets
-188.8
-150.0
Receipts from Disposal of Fixed Assets
2.9
42.1
Payments for Disposal of Fixed Assets
—
-0.0
Payments for Investment in Other Entities
—
-7.0
Net Cash Flows from Investing Activities
-170.1
-114.9
Net Cash Flows during the Period
11,523.2
4,034.3
Cash and Cash Equivalents at Beginning of the Period
60,947.9
56,913.5
Cash and Cash Equivalents at End of the Period
72,471.1
60,947.9
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Interest Income and Similar Income
6,775.3
6,120.9
5,459.9
5,107.8
4,912.7
5,410.3
4,571.9
4,395.8
4,303.2
Interest Expense and Similar Expenses
3,577.8
3,077.3
2,644.6
2,523.0
2,408.9
2,271.4
2,175.4
2,053.8
1,937.6
Net Interest Income
3,197.5
3,043.6
2,815.3
2,584.8
2,503.8
3,138.9
2,396.5
2,342.0
2,365.6
Fee and Commission Income
416.3
830.1
370.0
642.9
534.3
462.1
485.5
487.1
400.1
Fee and Commission Expenses
168.4
185.7
170.3
151.1
117.3
148.8
114.9
117.3
99.7
Net Fee and Commission Income
247.9
644.4
199.6
491.8
416.9
313.3
370.6
369.8
300.4
Net Gain/(Loss) from Foreign Currencies and Gold Trading
118.7
59.1
284.8
245.9
255.1
210.2
-130.7
384.6
591.8
Net Gain/(Loss) from Trading Securities
—
—
—
-0.0
-0.1
-0.2
1.6
-1.6
-0.3
Net Gain/(Loss) from Investment Securities
-83.8
-106.6
-36.5
77.8
-11.3
120.4
64.9
71.8
16.5
Other Income
184.2
211.9
145.8
151.9
98.8
493.7
389.3
906.3
80.5
Other Expenses
15.1
4.8
5.4
16.9
5.4
22.6
159.0
160.1
236.0
Net Other Income
169.1
207.1
140.4
134.9
93.4
471.1
230.3
746.3
-155.5
Operating Expenses
1,259.5
1,203.3
1,326.3
1,304.1
1,234.1
1,890.9
1,163.2
1,128.0
1,047.8
Operating Profit before Provision for Credit Losses
2,390.0
2,644.3
2,077.4
2,231.2
2,023.9
2,362.8
1,770.0
2,784.9
2,070.7
Provision for Credit Losses
499.6
346.1
490.1
689.1
393.1
360.6
558.1
625.3
540.5
Profit Before Tax
1,890.4
2,298.1
1,587.3
1,542.2
1,630.8
2,002.2
1,211.9
2,159.6
1,530.2
Current Corporate Income Tax Expense
376.2
446.9
313.1
304.7
365.2
385.2
233.4
429.6
336.2
Corporate Income Tax
376.2
446.9
313.1
304.7
365.2
385.2
233.4
429.6
336.2
Net Profit After Tax
1,514.2
1,851.2
1,274.2
1,237.5
1,265.6
1,617.0
978.5
1,730.0
1,193.9
Net Profit Attributable to the Equity Holders of the Bank
1,514.2
1,851.2
1,274.2
1,237.5
1,265.6
1,617.0
978.5
1,730.0
1,193.9
Earnings per Share
485.00
593.00
408.00
476.00
487.00
622.00
376.00
865.00
597.00
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Cash, Gold and Precious Stones
1,960.6
1,458.5
1,907.1
1,383.1
1,276.8
1,203.1
1,139.3
1,292.3
1,323.3
Balances with the State Bank of Vietnam
5,325.4
9,820.0
6,331.7
4,111.8
3,870.0
5,494.8
1,871.8
2,924.0
2,847.0
Placements at and Loans to Other Credit Institutions
82,634.4
73,969.0
64,455.6
59,289.1
47,902.9
60,965.2
56,316.5
60,422.0
58,876.5
Placements at Other Credit Institutions
70,204.3
59,247.9
54,290.9
54,838.4
43,229.7
54,279.0
48,009.9
53,695.9
50,149.1
Loans to Other Credit Institutions
12,430.1
14,721.0
10,164.7
4,450.7
4,673.2
6,686.2
8,306.6
6,726.1
8,727.3
Loans, Advances and Finance Leases to Customers
211,748.3
202,358.2
201,881.9
197,740.7
189,399.8
175,238.8
167,527.4
163,382.2
153,503.3
Loans, Advances and Finance Leases to Customers (Gross)
214,695.5
205,208.8
204,953.5
200,756.7
192,345.9
178,278.3
170,620.2
166,389.3
156,161.0
Provision for Losses on Loans, Advances and Finance Leases to Customers
-2,947.2
-2,850.6
-3,071.6
-3,016.0
-2,946.0
-3,039.5
-3,092.8
-3,007.1
-2,657.7
Investment Securities
84,299.1
97,293.3
65,171.2
64,018.2
59,039.2
65,569.9
62,273.2
53,101.6
46,613.0
Available-for-sale Securities
84,301.9
97,308.0
65,203.8
64,050.8
59,073.2
65,604.8
62,313.1
53,127.2
46,638.7
Provision for Diminution in Value of Investment Securities
-2.8
-14.7
-32.6
-32.6
-34.0
-34.9
-39.9
-25.6
-25.6
Capital Contribution and Other Long-term Investments
1.2
1.2
1.2
1.2
12.0
12.0
17.0
17.0
10.0
Other Long-term Investments
1.2
1.2
1.2
1.2
17.0
17.0
17.0
17.0
10.0
Provision for Diminution in Value of Long-term Investments
—
—
—
—
-5.0
-5.0
—
—
—
Fixed Assets
507.9
497.8
461.0
443.6
428.6
432.7
384.5
402.6
379.3
Tangible Fixed Assets
289.0
288.2
262.9
258.2
235.4
232.4
172.1
184.1
188.2
Tangible Fixed Assets Cost
852.1
—
—
—
—
—
—
—
—
Accumulated Depreciation of Tangible Fixed Assets
-563.1
—
—
—
—
—
—
—
—
Intangible Fixed Assets
218.9
209.6
198.0
185.5
193.1
200.3
212.3
218.5
191.2
Intangible Fixed Assets Cost
726.9
—
—
—
—
—
—
—
—
Accumulated Depreciation of Intangible Fixed Assets
-508.0
—
—
—
—
—
—
—
—
Other Assets
26,433.9
22,276.0
15,468.9
14,343.5
12,797.8
11,260.6
11,171.0
13,996.0
15,237.0
Accounts Receivables
14,881.0
11,435.4
6,716.3
6,692.7
6,202.6
5,696.3
6,393.1
7,724.1
8,408.8
Interest and Fee Receivables
10,502.4
10,202.8
8,050.2
6,898.4
5,889.6
4,897.8
4,157.2
5,234.8
5,614.5
Other Assets (Miscellaneous)
1,087.7
674.8
746.4
796.3
749.5
710.6
670.1
1,080.8
1,257.4
Provision for Risks in Other Assets
-37.1
-37.0
-44.0
-43.8
-43.9
-44.1
-49.3
-43.7
-43.7
Total Assets
412,910.9
407,673.9
355,678.7
341,331.3
314,727.1
320,177.1
300,700.8
295,537.8
278,789.5
Due to Government and Borrowings from the State Bank of Vietnam
18,503.8
23,066.6
7,152.1
8,968.1
5,081.2
9,203.5
10,124.7
2,789.8
1,055.8
Placements and Borrowings from Other Credit Institutions
115,728.8
108,610.2
92,021.6
85,987.4
80,490.8
92,218.5
83,505.0
85,696.2
93,738.0
Placements from Other Credit Institutions
84,057.8
79,154.3
63,561.6
56,692.1
51,003.7
59,798.2
50,245.7
43,915.8
48,489.6
Borrowings from Other Credit Institutions
31,670.9
29,455.9
28,459.9
29,295.3
29,487.1
32,420.3
33,259.3
41,780.3
45,248.4
Deposits from Customers
193,895.8
196,671.6
183,397.7
174,429.9
163,035.1
154,612.5
148,471.2
151,742.6
137,823.5
Derivatives and Other Financial Liabilities
391.4
433.5
978.5
810.3
881.8
730.1
337.6
787.6
340.9
Valuable Papers Issued
33,772.3
29,634.1
26,098.7
27,098.8
21,888.8
21,210.6
17,806.3
14,741.8
6,992.1
Other Liabilities
6,640.9
6,811.8
5,473.9
4,724.7
5,328.8
5,384.4
5,223.4
5,899.7
6,534.2
Interest and Fee Payables
5,349.1
4,341.0
3,654.7
3,209.0
3,473.3
2,831.1
2,840.1
2,791.7
3,351.8
Other Liabilities (Miscellaneous)
1,291.8
2,470.8
1,819.2
1,515.7
1,855.5
2,553.3
2,383.3
3,107.9
3,182.3
Total Liabilities
368,933.0
365,227.9
315,122.4
302,019.2
276,706.5
283,359.6
265,468.2
261,657.6
246,484.4
Capital and Reserves
43,977.9
42,446.1
40,556.3
39,312.1
38,020.6
36,817.6
35,232.6
33,880.2
32,305.1
Capital
31,234.1
31,234.1
26,034.1
26,034.1
26,034.1
26,034.1
20,034.1
20,034.1
20,034.1
Charter Capital
31,200.0
31,200.0
26,000.0
26,000.0
26,000.0
26,000.0
20,000.0
20,000.0
20,000.0
Share Premium
33.5
33.5
33.5
33.5
33.5
33.5
33.5
33.5
33.5
Reserves
4,393.9
4,393.9
4,393.9
4,393.9
3,288.0
3,288.0
3,288.1
3,288.1
2,590.0
Foreign Exchange Differences
17.6
—
-38.6
-8.5
-62.5
—
32.0
-341.9
-187.0
Undistributed Earnings after Tax/Accumulated Loss
8,332.3
6,818.1
10,166.9
8,892.7
8,761.1
7,495.5
11,878.5
10,900.0
9,868.1
Total Liabilities and Equity
412,910.9
407,673.9
355,678.7
341,331.3
314,727.1
320,177.1
300,700.8
295,537.8
278,789.5
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
6,829.9
4,020.5
4,248.2
4,278.7
3,949.7
4,624.6
5,605.9
4,819.5
3,860.4
Payments for Interest and Similar Expenses
-2,569.8
-2,391.0
-2,198.9
-2,787.2
-1,766.7
-2,280.4
-2,127.0
-2,613.9
-2,398.9
Receipts from Fee and Commission Income
-106.3
592.3
259.5
312.1
388.1
358.4
414.2
325.7
194.2
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities
23.1
-6.6
248.3
322.3
242.8
325.3
-49.9
454.8
616.5
Receipts from Other Income
-198.7
-256.4
-219.7
-221.5
-237.1
-208.5
-84.7
-304.0
-380.6
Receipts from Collection of Written-off Debts
86.6
127.7
77.0
95.6
66.5
375.5
88.7
845.2
32.5
Payments for Staff Costs and Operating Expenses
-1,420.4
-892.9
-1,034.6
-1,076.1
-1,316.9
-1,113.3
-947.8
-940.3
-1,360.8
Corporate Income Tax Paid
-1,080.4
0.0
-56.0
-258.5
-798.3
0.0
-344.8
-273.1
-607.0
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities
1,564.1
1,193.6
1,323.7
665.4
528.2
2,081.7
2,554.5
2,314.0
-43.9
(Increase)/Decrease in Placements with and Loans to Other Credit Institutions
2,290.9
-4,556.4
-5,443.9
-47.6
2,013.0
1,620.5
-1,580.5
2,001.2
1,037.7
(Increase)/Decrease in Trading Securities and Investment Securities
15,315.3
-33,210.1
487.6
-3,567.7
6,531.6
-3,791.7
-10,087.8
-5,086.6
-8,741.2
(Increase)/Decrease in Loans and Advances to Customers
-9,486.7
-255.3
-4,197.4
-8,411.0
-15,852.4
-5,873.5
-4,230.9
-10,228.3
-7,015.6
(Decrease)/Increase in Provisions for Damages
-403.0
-629.8
-434.0
-619.0
-486.7
-419.2
-466.7
-275.9
-245.6
(Increase)/Decrease in Other Operating Assets
-3,385.4
-4,647.4
26.6
-536.8
1,239.6
-1,128.2
1,741.8
861.3
563.5
Increase/(Decrease) in Due to Government and Borrowings from State Bank
-4,562.8
15,914.5
-1,816.0
3,886.9
-4,122.4
-921.1
7,334.8
1,734.0
43.3
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions
7,118.6
16,588.6
6,034.2
5,496.6
-11,698.7
8,684.5
-2,191.2
-8,041.8
8,184.5
Increase/(Decrease) in Deposits from Customers
-2,775.8
13,274.0
8,967.8
11,394.8
8,422.7
6,141.2
-3,271.4
13,919.0
5,473.4
Increase/(Decrease) in Valuable Papers Issued
—
3,535.4
-1,000.1
5,888.2
—
3,404.3
3,064.5
7,749.7
-1,999.4
Increase/(Decrease) in Funds Received from Government and Institutions
4,138.2
—
—
—
678.2
—
—
—
—
Increase/(Decrease) in Derivatives and Other Financial Liabilities
-42.1
-545.0
168.2
-71.5
151.7
392.5
-450.0
446.7
77.5
Increase/(Decrease) in Other Operating Liabilities
-469.9
259.1
69.2
-331.8
113.2
-678.3
-578.3
-189.0
259.0
Payments from Reserves
—
0.0
0.0
-0.0
—
-0.0
—
—
—
Net Cash Flows from Operating Activities
9,301.4
6,921.1
4,185.9
13,068.3
-12,482.0
9,512.6
-8,161.1
5,204.4
-2,406.8
Purchase of Fixed Assets
-47.8
-70.1
-49.0
-42.9
-26.9
-95.9
-5.9
-47.8
-0.3
Receipts from Disposal of Fixed Assets
1.8
1.1
0.4
1.4
0.0
42.0
0.0
0.0
0.0
Payments for Disposal of Fixed Assets
—
—
—
—
0.0
-0.0
—
—
—
Payments for Investment in Other Entities
—
—
—
—
—
0.0
0.0
-7.0
—
Net Cash Flows from Investing Activities
-46.0
-68.9
-48.6
-25.7
-26.9
-53.8
-5.9
-54.8
-0.3
Net Cash Flows during the Period
9,255.4
6,852.2
4,137.2
13,042.7
-12,508.9
9,458.8
-8,167.0
5,149.6
-2,407.1
Cash and Cash Equivalents at Beginning of the Period
72,471.1
65,580.3
61,473.1
48,376.5
60,947.9
51,521.0
59,314.1
54,319.4
56,913.5
Exchange Difference due to Re-valuation of Ending Balances