Analysis of business results & financial statements · Quý 1/2026
● MIXED SIGNALS
TTM PATMI rose +VND 2,706.0bn compared with the same period last year. Key positives came from higher net fee income, higher net interest income, and higher other income. Offsetting pressure came mainly from higher provision for credit losses, higher operating expenses, and higher corporate income tax.
See what is changing ↓- P/B
- 0.7x
- ROAE
- 18.3%
- NIM
- 3.0%
- Asset Yield
- 8.10%
- Funding Cost
- 5.10%
- ROAA
- 1.4%
- Market price
- 10,550 19 Oct 2026
The current picture
Bank Picture
SHB bank opening narrative plan rendered.
Profit bridge
Vs last year · TTM
- Net fee income
- Net interest income
- Other income
- FX & gold trading
- Investment securities
- Provision for credit losses
- Operating expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Net Interest Income | 5.497,2 | 3.830,8 | 5.323,8 | 9.126,8 | 5.543,7 | 8.283,8 | 3.261,8 | 4.098,6 |
| NII Growth YoY | −1% | −54% | +63% | +123% | +7% | — | — | — |
| NIM | 3,00% | 3,18% | 3,98% | 3,80% | 3,20% | 3,28% | — | — |
| Net Fee Income | 1.288,7 | 1.318,5 | 874,5 | 684,6 | 329,3 | 754,9 | 144,7 | 224,3 |
| Provision Expense | 1.532,2 | 891,4 | 1.490,4 | 4.140,8 | 621,1 | 4.632,7 | 517,4 | 503,6 |
| Net Profit After Tax | 3.726,0 | 2.259,9 | 2.606,7 | 3.606,5 | 3.496,3 | 1.981,6 | 1.739,9 | 2.275,3 |
| Net Income Growth YoY | +7% | +14% | +50% | +59% | +9% | — | — | — |
Net interest income
5,497bnProvision expense
1,532bnNet income
3,726bnInside 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?
Credit reading still relies mainly on credit cost, now at 1.01% 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 1.85%. LDR stands at 94.4%.
Credit reading currently relies mainly on credit cost and reserve buffer; NPL, group-2, and bad-debt coverage signals will be added next.
- Credit cost
- 1.01% +0.1pp
- Reserve / Gross loans
- 1.85% +0.1pp
- LDR
- 94.4% −2.3pp
2026Q1
Is interest margin sustainable?
Interest Margin Quality
▼Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 5.10%, even if pressure is not yet as severe as in clearer compression cases.
In the period, NIM reached 3.00%, −0.2pp YoY; asset yield was 8.10%, +0.4pp; while funding cost was 5.10%, +0.6pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.
Funding cost is 5.10%, pressuring net interest margin.
- NIM
- 3.00% −0.2pp
- Asset yield
- 8.10% +0.4pp
- Funding cost
- 5.10% +0.6pp
2026Q1
Earnings Mix
▲▲Is profit coming from core or supporting income sources?
Earnings remain primarily core-led, with NII contributing around 79.3% of total operating income.
Nii accounts for 79.3% of toi, fee income is 13.9% of toi, other income is 5.3% of toi, cir stands at 22.2%, net profit equals 40.7% of toi.
Fee income share is improving clearly enough to make the earnings mix less dependent on net interest income.
- NII / TOI
- 79.3% −4.1pp
- Fee / TOI
- 13.9% +2.7pp
- Other income / TOI
- 5.3% +1.6pp
- CIR
- 22.2% −0.3pp
2026Q1
Is liquidity safe?
Funding & Liquidity
●Are funding and capital buffers sufficiently safe?
Funding structure still looks fairly balanced, with customer funding at 74.0% and market funding at 26.0% of interest-bearing funding.
Ldr stands at 94.4%, equity equals 7.7% of assets, customer funding accounts for 74.0% of interest-bearing funding, market funding accounts for 26.0%.
- LDR
- 94.4% −2.3pp
- Equity / Assets
- 7.7% +0.1pp
- Customer funding
- 74.0% +0.2pp
- Market funding
- 26.0% −0.2pp
2026Q1
Profitability Quality
▼▼What is sustaining current profitability?
Profitability is under clearer pressure as provisioning is rising sharply, with ROAA currently at 1.42%.
Net income on average earning assets is 1.54%, nim stands at 3.00%, credit cost is 1.01%, cir stands at 22.2%, average leverage is around 12.93 times.
Average leverage is currently around 12.93 times.
Quarterly provision expense increased 71.9% QoQ.
- ROAA
- 1.42% −0.0pp
- ROAE
- 18.32% −0.7pp
- NI / Avg EA
- 1.54% −0.1pp
- Quarterly provision
- VND 1,532bn +71.9% QoQ
2026Q1
In summary
Research synthesis
What this reporting period is showing
SHB bank investment takeaway — mixed signals. [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 the balance between loan growth, customer funding, and liquidity buffers into the next cycle.
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?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.