PGB

Ngân hàng TMCP Thịnh vượng và Phát triển ·UPCOM ·2026Q1

▼ FUNDING UNDER PRESSURE

Operations are weakening LDR 89.3%, +0.7 pp QoQ
Price
11,100
Latest close
03 Jun 2026
P/B 0.9x
ROAE (TTM) 11.4%
NIM (TTM) 2.5%
ROAA (TTM) 0.9%
LDR 89.3%

Bank Picture

PGB bank opening narrative plan rendered.

LDR
89.3%
+0.7 pp QoQ
Funding cost
3.87%
+0.8 pp YoY
Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Net Interest Income 457,5 575,1 465,9 471,9 458,3 428,0 416,0 437,3 377,5
NII Growth YoY −0% +34% +12% +8% +21%
NIM 2,53% 2,50% 2,64% 2,63% 2,69% 2,58%
Net Fee Income 45,7 100,2 5,1 13,9 13,5 11,4 9,0 6,4 −8,9
Provision Expense 68,3 213,1 150,4 133,4 146,5 144,4 146,6 103,5 42,0
Net Profit After Tax 220,4 217,3 169,7 150,5 76,6 61,1 61,5 121,2 92,8
Net Income Growth YoY +188% +256% +176% +24% −18%

Drivers of PGB's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher net interest income. Supporting and offsetting drivers:

Net interest income +VND 230.8bn
FX & gold trading +VND 136.9bn
Net fee income +VND 124.5bn
Other income +VND 76.4bn
Corporate income tax +VND 109.9bn
Operating expenses +VND 109.8bn
TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower provision for credit losses. Supporting and offsetting drivers:

Provision for credit losses −VND 78.2bn
FX & gold trading +VND 57.0bn
Net fee income +VND 32.2bn
Other income +VND 16.8bn
Corporate income tax +VND 36.0bn
Investment securities −VND 4.4bn

Financial Highlights

Detailed analysis of each financial dimension

Is credit clean?

very positive positive stable watch under pressure

Credit Quality

Is asset quality deteriorating?

Credit reading still relies mainly on credit cost, now at 0.73% 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 1.26%. LDR stands at 89.3%.

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 0.73% −0.1pp
Reserve / Gross loans 1.26% +0.0pp
LDR 89.3% +0.7pp

2026Q1

Is interest margin sustainable?

Interest Margin Quality

Is spread coming under pressure?

Spread deserves closer monitoring because funding cost is already at 3.87%, even if pressure is not yet as severe as in clearer compression cases.

In the period, NIM reached 2.53%, −0.2pp YoY; asset yield was 6.41%, +0.6pp; while funding cost was 3.87%, +0.8pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.

Watchpoints

Funding cost is elevated

Funding cost is 3.87%, pressuring net interest margin.

Key signals

NIM 2.53% −0.2pp
Asset yield 6.41% +0.6pp
Funding cost 3.87% +0.8pp

2026Q1

Earnings Mix

Is profit coming from core or supporting income sources?

Earnings mix currently looks balanced.

Nii accounts for 74.7% of toi, fee income is 6.3% of toi, other income is 11.2% of toi, cir stands at 42.8%, net profit equals 28.7% of toi.

Watchpoints

Fee income is helping diversify the earnings mix

Fee income share is improving clearly enough to make the earnings mix less dependent on net interest income.

Fee-income base is thin

Fee income currently contributes only 6.3% of total operating income.

Key signals

NII / TOI 74.7% −3.0pp
Fee / TOI 6.3% +1.0pp
Other income / TOI 11.2% +0.2pp
CIR 42.8% −1.6pp

2026Q1

Is liquidity safe?

Funding & Liquidity

Are funding and capital buffers sufficiently safe?

Funding structure deserves closer monitoring, with market funding at 38.9% of interest-bearing funding.

Ldr stands at 89.3%, equity equals 9.3% of assets, customer funding accounts for 61.1% of interest-bearing funding, market funding accounts for 38.9%.

Watchpoints

Market funding dependence is high

Market funding now accounts for 38.9% of interest-bearing funding.

Key signals

LDR 89.3% +0.7pp
Equity / Assets 9.3% +1.9pp
Customer funding 61.1% +0.7pp
Market funding 38.9% −0.7pp

2026Q1

Profitability Quality

What is sustaining current profitability?

Profitability should be watched more closely, with ROAA at 0.95% and ROAE at 11.37%.

Net income on average earning assets is 0.97%, nim stands at 2.53%, credit cost is 0.73%, cir stands at 42.8%, average leverage is around 12.03 times.

Watchpoints

ROAA is low

ROAA stands at 0.95%, suggesting returns on assets are still soft.

ROAE should be watched

ROAE currently stands at 11.37%.

Key signals

ROAA 0.95% +0.2pp
ROAE 11.37% +0.9pp
NI / Avg EA 0.97% +0.2pp
Quarterly provision VND 68bn −68.0% QoQ

2026Q1

Investment Takeaway

PGB 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
Net Interest Income
1,877.8 1,658.8
Net Fee and Commission Income
132.7 17.9
Operating Expenses
1,126.9 974.0
Operating Profit before Provision for Credit Losses
1,347.3 857.4
Provision for Credit Losses
620.7 432.0
Profit Before Tax
726.7 425.4
Net Profit After Tax
580.9 339.8
Net Profit Attributable to the Equity Holders of the Bank
580.9 339.8
Earnings per Share
1,117.00 809.00

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