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
Interest Income and Similar Income
4,638.4
3,496.8
Interest Expense and Similar Expenses
2,760.6
1,838.0
Net Interest Income
1,877.8
1,658.8
Fee and Commission Income
201.1
100.1
Fee and Commission Expenses
68.3
82.2
Net Fee and Commission Income
132.7
17.9
Net Gain/(Loss) from Foreign Currencies and Gold Trading
93.5
0.3
Net Gain/(Loss) from Investment Securities
61.8
-54.7
Other Income
319.8
209.9
Other Expenses
13.2
1.0
Net Other Income
306.6
208.9
Income from Capital Contribution and Long-term Investments
1.8
0.1
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
Current Corporate Income Tax Expense
145.8
85.6
Corporate Income Tax
145.8
85.6
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
Item
2025
2024
Cash, Gold and Precious Stones
325.8
224.5
Balances with the State Bank of Vietnam
2,476.4
2,197.5
Placements at and Loans to Other Credit Institutions
28,351.6
23,802.0
Placements at Other Credit Institutions
28,351.6
23,802.0
Derivatives and Other Financial Assets
185.1
1.9
Loans, Advances and Finance Leases to Customers
45,781.1
40,811.5
Loans, Advances and Finance Leases to Customers (Gross)
46,340.6
41,236.5
Provision for Losses on Loans, Advances and Finance Leases to Customers
-559.5
-425.0
Debt Purchased
623.6
294.8
Debt Purchased (Gross)
628.3
297.0
Provision for Debt Purchased
-4.7
-2.2
Investment Securities
9,685.0
4,250.9
Available-for-sale Securities
8,144.5
1,937.0
Held-to-maturity Securities
2,097.5
2,739.5
Provision for Diminution in Value of Investment Securities
-557.0
-425.6
Capital Contribution and Other Long-term Investments
0.5
0.5
Other Long-term Investments
0.5
0.5
Provision for Diminution in Value of Long-term Investments
-0.0
-0.0
Fixed Assets
297.5
248.2
Tangible Fixed Assets
244.6
200.3
Tangible Fixed Assets Cost
557.6
488.3
Accumulated Depreciation of Tangible Fixed Assets
-313.0
-288.0
Intangible Fixed Assets
52.9
48.0
Intangible Fixed Assets Cost
148.1
127.4
Accumulated Depreciation of Intangible Fixed Assets
-95.2
-79.5
Other Assets
1,113.6
1,183.3
Accounts Receivables
566.1
643.3
Interest and Fee Receivables
642.1
468.8
Other Assets (Miscellaneous)
111.9
129.8
Provision for Risks in Other Assets
-206.5
-58.5
Total Assets
88,840.2
73,015.1
Due to Government and Borrowings from the State Bank of Vietnam
971.8
419.1
Placements and Borrowings from Other Credit Institutions
28,484.9
20,660.6
Placements from Other Credit Institutions
27,945.9
20,660.6
Borrowings from Other Credit Institutions
539.0
—
Deposits from Customers
48,460.4
43,325.7
Valuable Papers Issued
3,200.0
2,280.0
Other Liabilities
1,177.8
1,163.7
Interest and Fee Payables
1,005.8
791.2
Other Liabilities (Miscellaneous)
172.1
372.5
Total Liabilities
82,294.9
67,849.1
Capital and Reserves
6,545.3
5,166.1
Capital
5,498.8
4,200.0
Charter Capital
5,500.0
4,200.0
Share Premium
-1.2
—
Reserves
388.2
320.3
Undistributed Earnings after Tax/Accumulated Loss
658.2
645.8
Total Liabilities and Equity
88,840.2
73,015.1
Item
2025
2024
Receipts from Interest and Similar Income
4,465.0
3,597.1
Payments for Interest and Similar Expenses
-2,546.0
-1,753.0
Receipts from Fee and Commission Income
132.7
17.9
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities
99.5
-0.8
Receipts from Other Income
1.6
8.9
Receipts from Collection of Written-off Debts
305.0
200.0
Payments for Staff Costs and Operating Expenses
-1,101.1
-900.0
Corporate Income Tax Paid
-137.0
-51.1
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities
1,219.7
1,119.0
(Increase)/Decrease in Trading Securities and Investment Securities
-5,565.5
-1,501.6
(Increase)/Decrease in Derivatives and Other Financial Assets
-183.2
-0.8
(Increase)/Decrease in Loans and Advances to Customers
-5,435.4
-6,175.6
(Decrease)/Increase in Provisions for Damages
-148.3
-206.8
(Increase)/Decrease in Other Operating Assets
79.1
-133.6
Increase/(Decrease) in Due to Government and Borrowings from State Bank
552.7
419.1
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions
7,824.3
7,092.5
Increase/(Decrease) in Deposits from Customers
5,134.7
7,595.9
Increase/(Decrease) in Valuable Papers Issued
920.0
—
Increase/(Decrease) in Funds Received from Government and Institutions
—
1,780.0
Increase/(Decrease) in Other Operating Liabilities
-170.4
164.6
Net Cash Flows from Operating Activities
4,227.6
10,152.8
Purchase of Fixed Assets
-112.6
-30.4
Receipts from Disposal of Fixed Assets
14.2
0.0
Dividends and Profit Received
1.8
0.1
Net Cash Flows from Investing Activities
-96.6
-30.2
Receipts from Equity Issue and Owner Capital Contribution
798.8
—
Net Cash Flows from Financing Activities
798.8
—
Net Cash Flows during the Period
4,929.8
10,122.5
Cash and Cash Equivalents at Beginning of the Period
26,223.9
16,101.4
Cash and Cash Equivalents at End of the Period
31,153.8
26,223.9
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Interest Income and Similar Income
1,319.2
1,348.6
1,177.2
1,134.9
1,070.9
919.3
863.0
863.8
850.8
Interest Expense and Similar Expenses
861.6
773.5
711.4
663.0
612.6
491.3
447.0
426.4
473.2
Net Interest Income
457.5
575.1
465.9
471.9
458.3
428.0
416.0
437.3
377.5
Fee and Commission Income
66.9
123.2
22.2
29.2
26.4
29.5
24.3
25.5
20.8
Fee and Commission Expenses
21.2
23.1
17.1
15.3
12.9
18.1
15.4
19.1
29.7
Net Fee and Commission Income
45.7
100.2
5.1
13.9
13.5
11.4
9.0
6.4
-8.9
Net Gain/(Loss) from Foreign Currencies and Gold Trading
70.5
20.3
30.1
29.6
13.4
3.6
8.3
-11.6
0.0
Net Gain/(Loss) from Investment Securities
-1.8
-21.3
80.0
0.5
2.6
-57.3
—
3.8
-1.1
Other Income
135.4
296.3
44.5
54.2
21.3
165.9
14.7
20.4
8.9
Other Expenses
100.8
132.3
0.5
2.2
3.5
0.3
0.2
0.3
0.3
Net Other Income
34.6
164.0
43.9
51.9
17.8
165.6
14.6
20.1
8.6
Income from Capital Contribution and Long-term Investments
2.5
1.7
0.1
—
—
—
—
0.1
—
Operating Expenses
265.1
355.4
262.3
246.1
263.2
330.5
224.2
201.1
218.2
Operating Profit before Provision for Credit Losses
344.0
484.7
362.8
321.8
242.5
220.8
223.6
255.0
158.1
Provision for Credit Losses
68.3
213.1
150.4
133.4
146.5
144.4
146.6
103.5
42.0
Profit Before Tax
275.7
271.6
212.4
188.4
95.9
76.4
76.9
151.5
116.1
Current Corporate Income Tax Expense
55.3
54.3
42.7
37.9
19.4
15.3
15.5
30.3
23.2
Corporate Income Tax
55.3
54.3
42.7
37.9
19.4
15.3
15.5
30.3
23.2
Net Profit After Tax
220.4
217.3
169.7
150.5
76.6
61.1
61.5
121.2
92.8
Net Profit Attributable to the Equity Holders of the Bank
220.4
217.3
169.7
150.5
76.6
61.1
61.5
121.2
92.8
Earnings per Share
400.00
435.00
339.00
358.00
182.00
146.00
146.00
288.00
221.00
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Cash, Gold and Precious Stones
1,051.9
325.8
309.1
383.7
279.2
224.5
222.6
234.0
217.3
Balances with the State Bank of Vietnam
1,631.0
2,476.4
1,634.7
1,163.4
951.9
2,197.5
815.7
610.3
1,173.2
Placements at and Loans to Other Credit Institutions
30,271.9
28,351.6
24,513.0
23,383.1
21,608.2
23,802.0
20,405.1
18,490.4
18,543.5
Placements at Other Credit Institutions
30,271.9
28,351.6
24,513.0
23,383.1
21,608.2
23,802.0
20,405.1
18,490.4
18,543.5
Derivatives and Other Financial Assets
2.6
185.1
—
—
—
1.9
2.1
10.6
—
Loans, Advances and Finance Leases to Customers
43,825.3
45,781.1
43,804.4
44,897.7
44,869.7
41,006.8
36,475.4
36,341.6
34,855.7
Loans, Advances and Finance Leases to Customers (Gross)
44,382.6
46,340.6
44,348.5
45,435.6
45,348.6
41,436.5
36,894.1
36,702.5
35,185.6
Provision for Losses on Loans, Advances and Finance Leases to Customers
-557.3
-559.5
-544.1
-538.0
-478.9
-429.6
-418.7
-360.9
-329.9
Debt Purchased
—
623.6
—
—
—
294.8
—
—
—
Debt Purchased (Gross)
—
628.3
—
—
—
297.0
—
—
—
Provision for Debt Purchased
—
-4.7
—
—
—
-2.2
—
—
—
Investment Securities
7,789.1
9,685.0
8,171.1
7,181.5
4,513.7
4,250.9
2,455.3
2,597.1
2,618.6
Available-for-sale Securities
6,248.7
8,144.5
5,576.1
4,345.5
2,599.8
1,937.0
1,447.3
1,899.1
1,951.1
Held-to-maturity Securities
2,097.5
2,097.5
3,139.5
3,339.5
2,339.5
2,739.5
1,339.5
984.7
949.3
Provision for Diminution in Value of Investment Securities
-557.0
-557.0
-544.5
-503.5
-425.6
-425.6
-331.4
-286.7
-281.7
Capital Contribution and Other Long-term Investments
0.1
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
Other Long-term Investments
0.1
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
Provision for Diminution in Value of Long-term Investments
-0.0
-0.0
-0.0
-0.0
-0.0
-0.0
-0.0
-0.0
-0.0
Fixed Assets
258.0
297.5
254.0
264.2
240.1
248.2
249.6
257.9
266.2
Tangible Fixed Assets
207.6
244.6
206.1
212.6
193.2
200.3
200.9
208.6
215.2
Tangible Fixed Assets Cost
521.7
—
—
—
—
—
—
—
—
Accumulated Depreciation of Tangible Fixed Assets
-314.1
—
—
—
—
—
—
—
—
Intangible Fixed Assets
50.4
52.9
47.8
51.6
46.9
48.0
48.7
49.3
51.1
Intangible Fixed Assets Cost
149.6
—
—
—
—
—
—
—
—
Accumulated Depreciation of Intangible Fixed Assets
-99.2
—
—
—
—
—
—
—
—
Other Assets
1,881.1
1,155.2
1,151.4
1,278.9
1,088.3
1,183.3
1,178.1
1,172.8
1,088.7
Accounts Receivables
1,052.6
566.1
593.6
742.6
629.0
643.3
496.4
483.4
423.9
Interest and Fee Receivables
706.3
683.8
585.7
578.9
487.0
468.8
625.6
613.7
583.0
Other Assets (Miscellaneous)
122.1
111.9
119.4
107.2
122.0
129.8
114.6
114.2
120.4
Provision for Risks in Other Assets
—
-206.5
-147.3
-149.7
-149.7
-58.5
-58.5
-38.5
-38.5
Total Assets
86,711.1
88,881.8
79,838.1
78,552.9
73,551.6
73,210.5
61,804.3
59,715.1
58,763.8
Due to Government and Borrowings from the State Bank of Vietnam
267.3
971.8
265.0
747.8
850.3
419.1
—
95.4
—
Placements and Borrowings from Other Credit Institutions
27,903.8
28,484.9
22,483.1
18,671.3
16,362.6
20,660.6
17,801.1
15,857.1
15,350.1
Placements from Other Credit Institutions
27,903.8
27,945.9
22,483.1
18,671.3
16,362.6
20,660.6
17,801.1
15,857.1
15,350.1
Borrowings from Other Credit Institutions
—
539.0
—
—
—
—
—
—
—
Deposits from Customers
47,035.4
48,460.4
44,375.4
46,726.3
46,717.5
43,325.7
38,098.8
37,391.7
37,244.0
Derivatives and Other Financial Liabilities
—
—
20.4
9.2
1.9
—
—
—
30.5
Funds Received from Government and Institutions, Trust Investments and Syndicated Loans
—
—
—
—
3,350.0
—
—
—
—
Valuable Papers Issued
2,020.0
3,200.0
5,200.0
5,050.0
—
2,280.0
—
500.0
500.0
Other Liabilities
1,403.1
1,185.7
1,132.5
1,155.3
1,026.7
1,362.2
802.6
830.8
682.6
Interest and Fee Payables
1,049.6
1,005.8
947.2
966.7
809.1
791.2
622.6
627.3
575.6
Other Liabilities (Miscellaneous)
353.5
179.9
185.4
188.7
217.6
571.0
180.0
203.5
107.0
Total Liabilities
78,629.7
82,302.8
73,476.5
72,360.0
68,309.0
68,047.6
56,702.5
54,675.0
53,807.1
Capital and Reserves
8,081.4
6,579.0
6,361.6
6,192.9
5,242.6
5,162.9
5,101.8
5,040.2
4,956.6
Capital
6,814.7
5,498.8
4,999.2
4,999.9
4,200.0
4,200.0
4,200.0
4,200.0
4,200.0
Charter Capital
6,815.9
5,500.0
5,000.0
5,000.0
4,200.0
4,200.0
4,200.0
4,200.0
4,200.0
Share Premium
-1.2
-1.2
-0.8
-0.1
—
—
—
—
—
Reserves
388.2
388.2
388.2
388.2
320.3
320.3
320.3
320.3
278.3
Foreign Exchange Differences
—
—
—
—
-0.1
—
—
—
—
Undistributed Earnings after Tax/Accumulated Loss
878.4
692.0
974.2
804.8
722.4
642.7
581.5
519.9
478.4
Total Liabilities and Equity
86,711.1
88,881.8
79,838.1
78,552.9
73,551.6
73,210.5
61,804.3
59,715.1
58,763.8
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
1,254.9
1,198.9
1,180.5
1,033.0
1,052.7
1,076.1
851.0
1,402.1
267.8
Payments for Interest and Similar Expenses
-817.8
-714.9
-730.8
-505.4
-594.8
-322.6
-451.7
-374.7
-603.9
Receipts from Fee and Commission Income
45.7
100.2
5.1
13.9
13.5
11.4
9.0
6.4
-8.9
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities
68.7
-12.8
66.1
30.1
16.0
3.6
8.3
-11.6
-1.1
Receipts from Other Income
-32.6
-16.9
17.8
-6.3
6.9
2.2
2.1
2.3
2.2
Receipts from Collection of Written-off Debts
67.2
209.8
31.0
53.3
10.9
163.4
12.4
17.8
6.4
Payments for Staff Costs and Operating Expenses
-290.5
-300.1
-249.3
-264.9
-286.8
-249.6
-213.1
-189.4
-248.0
Corporate Income Tax Paid
-59.7
-33.1
-38.0
-16.1
-49.9
-2.3
-16.2
-17.2
-15.4
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities
236.0
431.0
282.4
337.7
168.6
682.2
201.8
835.7
-600.8
(Increase)/Decrease in Placements with and Loans to Other Credit Institutions
—
—
—
—
—
—
—
—
274.5
(Increase)/Decrease in Trading Securities and Investment Securities
1,895.8
-1,526.4
-1,030.6
-2,745.7
-262.8
-1,889.7
97.0
290.0
1.2
(Increase)/Decrease in Derivatives and Other Financial Assets
182.5
-185.1
0.0
0.0
1.9
0.1
8.5
-181.7
172.3
(Increase)/Decrease in Loans and Advances to Customers
2,586.3
-2,620.4
1,087.1
-87.1
-3,815.1
-4,639.4
-191.6
-1,320.2
-24.4
(Decrease)/Increase in Provisions for Damages
-281.8
-86.6
-58.1
—
-3.6
-94.5
-24.1
-88.2
—
(Increase)/Decrease in Other Operating Assets
-504.0
28.6
134.0
-101.8
18.3
-163.5
-13.7
-53.4
96.9
Increase/(Decrease) in Due to Government and Borrowings from State Bank
-704.5
552.7
—
—
—
419.1
—
—
—
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions
-581.0
6,001.7
3,811.8
2,308.7
-4,297.9
2,859.5
1,943.9
507.0
1,782.0
Increase/(Decrease) in Deposits from Customers
-1,425.1
4,239.1
-2,833.7
-93.7
3,823.0
5,226.9
611.7
243.1
1,514.2
Increase/(Decrease) in Valuable Papers Issued
-1,180.0
-2,000.0
150.0
1,700.0
1,070.0
—
-500.0
—
—
Increase/(Decrease) in Funds Received from Government and Institutions
—
—
18.5
—
1.9
1,749.5
—
—
30.5
Increase/(Decrease) in Derivatives and Other Financial Liabilities
—
—
—
9.2
—
—
—
—
—
Increase/(Decrease) in Other Operating Liabilities
336.7
-60.3
-25.7
3.5
-88.0
1,319.7
-1,222.0
1,245.7
-1,178.8
Net Cash Flows from Operating Activities
561.0
4,753.9
1,524.8
1,332.5
-3,383.7
6,000.5
911.6
1,173.0
2,067.7
Purchase of Fixed Assets
-112.6
-62.0
-3.1
-40.2
-7.3
-19.9
-2.9
-3.4
-4.2
Receipts from Disposal of Fixed Assets
33.8
3.7
5.6
4.9
—
0.0
—
—
—
Dividends and Profit Received
2.5
1.7
0.1
—
—
0.0
0.0
0.1
—
Net Cash Flows from Investing Activities
-75.9
-56.6
2.6
-41.7
-0.9
-19.8
-2.9
-3.3
-4.2
Receipts from Equity Issue and Owner Capital Contribution
—
-0.4
-0.7
799.9
—
—
0.0
—
1,200.0
Receipts from Issue of Valuable Papers and Other Long-term Borrowings
1,315.9
—
—
—
—
—
—
—
—
Net Cash Flows from Financing Activities
1,315.9
-0.4
-0.7
799.9
—
—
0.0
—
1,200.0
Net Cash Flows during the Period
1,801.0
4,697.0
1,526.7
2,090.8
-3,384.6
4,780.6
2,108.7
-30.3
3,263.5
Cash and Cash Equivalents at Beginning of the Period