Analysis of business results & financial statements · Quý 2/2026
▼ FUNDING UNDER PRESSURE
TTM PATMI rose +VND 791.7bn compared with the same period last year. Key positives came from higher net interest income, lower operating expenses, and lower provision for credit losses. Offsetting pressure came mainly from lower investment securities, lower other income, and lower net fee income.
See what is changing ↓- P/B
- 1.0x
- ROAE
- 13.9%
- NIM
- 3.3%
- Asset Yield
- 7.03%
- Funding Cost
- 3.72%
- ROAA
- 1.5%
- Market price
- 14,800 16 Oct 2026
The current picture
Bank Picture
MSB bank opening narrative plan rendered.
Profit bridge
Vs last year · TTM
- Net interest income
- Operating expenses
- Provision for credit losses
- Investment securities
- Other income
- Net fee income
- FX & gold trading
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 | 3.001,2 | 3.197,5 | 3.043,6 | 2.815,3 | 2.584,8 | 2.503,8 | 3.138,9 | 2.396,5 |
| NII Growth YoY | +16% | +28% | −3% | +17% | +10% | +6% | — | — |
| NIM | 3,30% | 3,40% | 3,17% | 3,53% | 3,51% | 3,69% | 3,60% | — |
| Net Fee Income | 295,6 | 247,9 | 644,4 | 199,6 | 491,8 | 416,9 | 313,3 | 370,6 |
| Provision Expense | 538,0 | 499,6 | 346,1 | 490,1 | 689,1 | 393,1 | 360,6 | 558,1 |
| Net Profit After Tax | 1.250,6 | 1.514,2 | 1.851,2 | 1.274,2 | 1.237,5 | 1.265,6 | 1.617,0 | 978,5 |
| Net Income Growth YoY | +1% | +20% | +14% | +30% | −28% | +6% | — | — |
Net interest income
3,001bnProvision expense
538bnNet income
1,251bnInside 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 1.30% of gross loans.
Reserve buffer on gross loans is around 1.30%. LDR stands at 97.0%.
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
- 0.51% −0.1pp
- Reserve / Gross loans
- 1.30% −0.1pp
- LDR
- 97.0% +4.0pp
2026Q2
Is interest margin sustainable?
Interest Margin Quality
▼Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 3.72%, even if pressure is not yet as severe as in clearer compression cases.
In the period, NIM reached 3.30%, −0.2pp YoY; asset yield was 7.03%, +0.4pp; while funding cost was 3.72%, +0.6pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.
Funding cost is 3.72%, pressuring net interest margin.
- NIM
- 3.30% −0.2pp
- Asset yield
- 7.03% +0.4pp
- Funding cost
- 3.72% +0.6pp
2026Q2
Earnings Mix
▲▲Is profit coming from core or supporting income sources?
Earnings remain primarily core-led, with NII contributing around 84.3% of total operating income.
Nii accounts for 84.3% of toi, fee income is 9.7% of toi, other income is 4.9% of toi, cir stands at 35.8%, net profit equals 41.2% of toi.
- NII / TOI
- 84.3% +3.7pp
- Fee / TOI
- 9.7% −1.3pp
- Other income / TOI
- 4.9% +0.4pp
- CIR
- 35.8% +0.5pp
2026Q2
Is liquidity safe?
Funding & Liquidity
▼▼Are funding and capital buffers sufficiently safe?
Funding structure deserves closer monitoring, with market funding at 42.8% of interest-bearing funding.
Ldr stands at 97.0%, equity equals 10.3% of assets, customer funding accounts for 57.2% of interest-bearing funding, market funding accounts for 42.8%.
Market funding now accounts for 42.8% of interest-bearing funding.
- LDR
- 97.0% +4.0pp
- Equity / Assets
- 10.3% −0.4pp
- Customer funding
- 57.2% +0.7pp
- Market funding
- 42.8% −0.7pp
2026Q2
Profitability Quality
●What is sustaining current profitability?
Profitability currently looks balanced, with ROAA at 1.51% and ROAE at 13.93%.
Net income on average earning assets is 1.61%, nim stands at 3.30%, credit cost is 0.51%, cir stands at 35.8%, average leverage is around 9.25 times.
- ROAA
- 1.51% −0.1pp
- ROAE
- 13.93% −0.4pp
- NI / Avg EA
- 1.61% −0.1pp
- Quarterly provision
- VND 538bn +7.7% QoQ
2026Q2
In summary
Research synthesis
What this reporting period is showing
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.]
What to verify next
Questions for the next period
Track the stability of credit costs and the bank's ability to maintain reserve buffers over the next few quarters.
Track whether funding pressure continues to build, especially as market funding reliance and liquidity-buffer demands become less comfortable.
Track whether core income can remain the main earnings anchor while fee income continues to broaden in a sustainable way.
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Its weight and influence across the assets held for investment.
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How holdings, sectors and asset groups are distributed in relation to overall risk.
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