Analysis of business results & financial statements · Quý 1/2026
▼▼ PROVISION DOMINATED
TTM PATMI fell −VND 6,246.0bn compared with the same period last year. Key positives came from lower operating expenses, higher other income, and lower corporate income tax. Offsetting pressure came mainly from higher provision for credit losses, lower fx & gold trading, and lower net fee income.
See what is changing ↓- P/B
- 1.9x
- ROAE
- 7.8%
- NIM
- 3.3%
- Asset Yield
- 7.56%
- Funding Cost
- 4.24%
- ROAA
- 0.6%
- Market price
- 61,800 19 Oct 2026
The current picture
Bank Picture
STB bank opening narrative plan rendered.
Profit bridge
Vs last year · TTM
- Operating expenses
- Other income
- Corporate income tax
- Net interest income
- Investment securities
- Provision for credit losses
- FX & gold trading
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 | 6.042,0 | 5.358,0 | 7.874,4 | 6.585,1 | 6.863,2 | 6.099,2 | 6.365,1 | 6.116,6 |
| NII Growth YoY | −12% | −12% | +24% | +8% | +15% | — | — | — |
| NIM | 3,31% | 3,31% | 3,67% | 3,55% | 3,71% | 3,60% | — | — |
| Net Fee Income | 749,6 | 758,3 | 673,2 | 919,1 | 727,8 | 963,7 | 756,0 | 680,5 |
| Provision Expense | 2.023,9 | 9.232,2 | 1.044,0 | 912,3 | 195,3 | −367,3 | 1.198,7 | 465,3 |
| Net Profit After Tax | 1.584,4 | −2.752,5 | 2.901,3 | 2.893,6 | 2.896,7 | 3.598,1 | 2.201,2 | 2.176,8 |
| Net Income Growth YoY | −45% | −176% | +32% | +33% | +37% | — | — | — |
Net interest income
6,042bnProvision expense
2,024bnNet income
1,584bnInside 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 indicators remain incomplete, but this quarter shows a notable split: credit cost rose to 1.69% while reserve buffer also edged up to 3.52%.
Reserve buffer on gross loans is around 3.52%. LDR stands at 94.7%.
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
- 1.69% +0.3pp
- Reserve / Gross loans
- 3.52% +0.3pp
- LDR
- 94.7% +2.5pp
2026Q1
Is interest margin sustainable?
Interest Margin Quality
▼Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 4.24%, even if pressure is not yet as severe as in clearer compression cases.
In the period, NIM reached 3.31%, −0.4pp YoY; asset yield was 7.56%, +0.1pp; while funding cost was 4.24%, +0.5pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.
Funding cost is 4.24%, pressuring net interest margin.
- NIM
- 3.31% −0.4pp
- Asset yield
- 7.56% +0.1pp
- Funding cost
- 4.24% +0.5pp
2026Q1
Earnings Mix
▲▲Is profit coming from core or supporting income sources?
Earnings remain primarily core-led, with NII contributing around 81.3% of total operating income. More broadly, the revenue mix is becoming less anchored in core income, as the share of net interest income declines without a clear enough offset from fee income.
Nii accounts for 81.3% of toi, fee income is 9.7% of toi, other income is 5.3% of toi, cir stands at 39.4%, net profit equals 14.6% of toi.
Net interest income share is declining while fee income does not offset enough or other income rises, making the revenue mix less anchored in core income.
- NII / TOI
- 81.3% −2.0pp
- Fee / TOI
- 9.7% +0.1pp
- Other income / TOI
- 5.3% +1.4pp
- CIR
- 39.4% −1.3pp
2026Q1
Is liquidity safe?
Funding & Liquidity
●Are funding and capital buffers sufficiently safe?
Funding and liquidity look more balanced, with LDR at 94.7% while customer funding share is improving.
Ldr stands at 94.7%, equity equals 7.2% of assets, customer funding accounts for 78.7% of interest-bearing funding, market funding accounts for 21.3%.
- LDR
- 94.7% +2.5pp
- Equity / Assets
- 7.2% +0.6pp
- Customer funding
- 78.7% +2.7pp
- Market funding
- 21.3% −2.7pp
2026Q1
Profitability Quality
▼▼What is sustaining current profitability?
Profitability should be watched more closely, with ROAA at 0.57% and ROAE at 7.75%.
Net income on average earning assets is 0.59%, nim stands at 3.31%, credit cost is 1.69%, cir stands at 39.4%, average leverage is around 13.55 times.
ROAA stands at 0.57%, suggesting returns on assets are still soft.
ROAE currently stands at 7.75%.
- ROAA
- 0.57% −0.1pp
- ROAE
- 7.75% −2.6pp
- NI / Avg EA
- 0.59% −0.1pp
- Quarterly provision
- VND 2,024bn −78.1% QoQ
2026Q1
In summary
Research synthesis
What this reporting period is showing
STB bank investment takeaway — provision dominated. [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 the recent provision relief is sustainable or only a temporary favorable base before credit costs revert higher.
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?
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.