Analysis of business results & financial statements · Quý 2/2026
▼ SPREAD COMPRESSION
TTM PATMI rose +VND 1,329.8bn compared with the same period last year. Key positives came from higher net fee income, lower provision for credit losses, and higher other income. Offsetting pressure came mainly from lower net interest income, higher operating expenses, and higher corporate income tax.
See what is changing ↓- P/B
- 0.6x
- ROAE
- 17.6%
- NIM
- 2.6%
- Asset Yield
- 8.15%
- Funding Cost
- 5.53%
- ROAA
- 1.4%
- Market price
- 10,550 20 Oct 2026
The current picture
Bank Picture
SHB bank opening narrative plan rendered.
Profit bridge
Vs last year · TTM
- Net fee income
- Provision for credit losses
- Other income
- FX & gold trading
- Net interest income
- Operating expenses
- Corporate income tax
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 | 6.708,7 | 5.497,2 | 3.830,8 | 5.323,8 | 9.126,8 | 5.543,7 | 8.283,8 | 3.261,8 |
| NII Growth YoY | −26% | −1% | −54% | +63% | +123% | +7% | — | — |
| NIM | 2,62% | 3,00% | 3,18% | 3,98% | 3,80% | 3,20% | 3,28% | — |
| Net Fee Income | 2.535,9 | 1.288,7 | 1.318,5 | 874,5 | 684,6 | 329,3 | 754,9 | 144,7 |
| Provision Expense | 3.825,0 | 1.532,2 | 891,4 | 1.490,4 | 4.140,8 | 621,1 | 4.632,7 | 517,4 |
| Net Profit After Tax | 3.561,6 | 3.726,0 | 2.259,9 | 2.606,7 | 3.606,5 | 3.496,3 | 1.981,6 | 1.739,9 |
| Net Income Growth YoY | −1% | +7% | +14% | +50% | +59% | +9% | — | — |
Net interest income
6,709bnProvision expense
3,825bnNet income
3,562bnInside 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 1.71% of gross loans.
Reserve buffer on gross loans is around 1.71%. 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
- 0.95% −0.1pp
- Reserve / Gross loans
- 1.71% −0.1pp
- LDR
- 97.0% +2.7pp
2026Q2
Is interest margin sustainable?
Interest Margin Quality
▼▼Is spread coming under pressure?
Spread is under pressure from funding costs, with funding cost at 5.53%. More broadly, spread conditions are becoming less favorable as asset-yield improvement has not kept pace with funding costs.
In the period, NIM reached 2.62%, −1.2pp YoY; asset yield was 8.15%, −0.3pp; while funding cost was 5.53%, +0.9pp. This suggests spread is under pressure from both softer asset yields and rising funding costs.
Spread is under pressure from both sides, with softer asset yields and rising funding costs.
Funding cost is 5.53%, pressuring net interest margin.
- NIM
- 2.62% −1.2pp
- Asset yield
- 8.15% −0.3pp
- Funding cost
- 5.53% +0.9pp
2026Q2
Earnings Mix
●Is profit coming from core or supporting income sources?
Earnings mix looks more balanced thanks to fee income, now at 20.5% of total operating income.
Nii accounts for 72.7% of toi, fee income is 20.5% of toi, other income is 5.1% of toi, cir stands at 22.0%, net profit equals 41.4% of toi.
Fee income share is improving clearly enough to make the earnings mix less dependent on net interest income.
- NII / TOI
- 72.7% −6.7pp
- Fee / TOI
- 20.5% +6.6pp
- Other income / TOI
- 5.1% −0.2pp
- CIR
- 22.0% −0.1pp
2026Q2
Is liquidity safe?
Funding & Liquidity
●Are funding and capital buffers sufficiently safe?
Funding structure still looks broadly balanced, but the cushion is not especially wide with LDR at 97.0% even though customer funding remains the main base.
Ldr stands at 97.0%, equity equals 7.8% of assets, customer funding accounts for 75.7% of interest-bearing funding, market funding accounts for 24.3%.
- LDR
- 97.0% +2.7pp
- Equity / Assets
- 7.8% +0.1pp
- Customer funding
- 75.7% +1.7pp
- Market funding
- 24.3% −1.7pp
2026Q2
Profitability Quality
▼▼What is sustaining current profitability?
Profitability is under clearer pressure as provisioning is rising sharply, with ROAA currently at 1.36%.
Net income on average earning assets is 1.49%, nim stands at 2.62%, credit cost is 0.95%, cir stands at 22.0%, average leverage is around 12.93 times.
Average leverage is currently around 12.93 times.
Quarterly provision expense increased 149.6% QoQ.
- ROAA
- 1.36% −0.1pp
- ROAE
- 17.58% −0.7pp
- NI / Avg EA
- 1.49% −0.0pp
- Quarterly provision
- VND 3,825bn +149.6% QoQ
2026Q2
In summary
Research synthesis
What this reporting period is showing
SHB bank investment takeaway — spread compression. [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 this quarter's provision spike is a one-off clean-up move or a drag that will continue to pressure earnings in coming quarters.
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?
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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.