Analysis of business results & financial statements · Quý 1/2026
▼ FUNDING UNDER PRESSURE
TTM PATMI rose +VND 1,061.1bn compared with the same period last year. Key positives came from higher net fee income, higher net interest income, and higher fx & gold trading. Offsetting pressure came mainly from lower investment securities, higher operating expenses, and higher corporate income tax.
See what is changing ↓- P/B
- 0.7x
- ROAE
- 16.8%
- NIM
- 3.1%
- Asset Yield
- 7.72%
- Funding Cost
- 4.60%
- ROAA
- 1.6%
- Market price
- 12,000 16 Oct 2026
The current picture
Bank Picture
TPB bank opening narrative plan rendered.
Profit bridge
Vs last year · TTM
- Net fee income
- Net interest income
- FX & gold trading
- Provision for credit losses
- Other income
- Investment securities
- 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 | 3.459,6 | 3.595,1 | 3.237,6 | 3.151,3 | 3.383,6 | 3.068,1 | 3.173,8 | 3.236,8 |
| NII Growth YoY | +2% | +17% | +2% | −3% | −1% | — | — | — |
| NIM | 3,12% | 3,04% | 3,22% | 3,42% | 3,68% | 3,55% | — | — |
| Net Fee Income | 1.252,4 | 1.224,1 | 1.035,0 | 988,8 | 909,9 | 908,8 | 794,5 | 945,2 |
| Provision Expense | 547,0 | 977,6 | 909,3 | 824,7 | 489,6 | 1.191,0 | 838,3 | 949,1 |
| Net Profit After Tax | 1.682,2 | 2.542,8 | 1.520,6 | 1.629,6 | 1.686,7 | 1.705,2 | 1.383,0 | 1.522,7 |
| Net Income Growth YoY | −0% | +49% | +10% | +7% | +15% | — | — | — |
Net interest income
3,460bnProvision expense
547bnNet income
1,682bnInside 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 incomplete, but funding balance has tightened with LDR rising to 95.5%.
Reserve buffer on gross loans is around 1.26%. LDR stands at 95.5%.
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
- 0.76% +0.0pp
- Reserve / Gross loans
- 1.26% +0.1pp
- LDR
- 95.5% +6.1pp
2026Q1
Is interest margin sustainable?
Interest Margin Quality
▼▼Is spread coming under pressure?
Spread is under pressure from funding costs, with funding cost at 4.60%.
In the period, NIM reached 3.12%, −0.6pp YoY; asset yield was 7.72%, +0.2pp; while funding cost was 4.60%, +0.8pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.
Funding cost is 4.60%, pressuring net interest margin.
- NIM
- 3.12% −0.6pp
- Asset yield
- 7.72% +0.2pp
- Funding cost
- 4.60% +0.8pp
2026Q1
Earnings Mix
●Is profit coming from core or supporting income sources?
Earnings mix looks more balanced thanks to fee income, now at 23.2% of total operating income.
Nii accounts for 69.3% of toi, fee income is 23.2% of toi, other income is 3.2% of toi, cir stands at 35.8%, net profit equals 38.0% of toi.
Fee income share is improving clearly enough to make the earnings mix less dependent on net interest income.
- NII / TOI
- 69.3% −1.6pp
- Fee / TOI
- 23.2% +1.1pp
- Other income / TOI
- 3.2% +0.8pp
- CIR
- 35.8% +0.9pp
2026Q1
Is liquidity safe?
Funding & Liquidity
▼▼Are funding and capital buffers sufficiently safe?
Funding structure is leaning more toward market sources, with market funding up to 42.1% while customer funding share has softened.
Ldr stands at 95.5%, equity equals 9.1% of assets, customer funding accounts for 57.9% of interest-bearing funding, market funding accounts for 42.1%.
Market funding share is rising quarter over quarter, suggesting a less comfortable funding mix even if stress is not yet severe.
Market funding now accounts for 42.1% of interest-bearing funding.
- LDR
- 95.5% +6.1pp
- Equity / Assets
- 9.1% +0.0pp
- Customer funding
- 57.9% −4.1pp
- Market funding
- 42.1% +4.1pp
2026Q1
Profitability Quality
●What is sustaining current profitability?
Profitability currently looks balanced, with ROAA at 1.61% and ROAE at 16.85%.
Net income on average earning assets is 1.71%, nim stands at 3.12%, credit cost is 0.76%, cir stands at 35.8%, average leverage is around 10.47 times.
- ROAA
- 1.61% +0.0pp
- ROAE
- 16.85% −0.8pp
- NI / Avg EA
- 1.71% +0.0pp
- Quarterly provision
- VND 547bn −44.0% QoQ
2026Q1
In summary
Research synthesis
What this reporting period is showing
TPB 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.]
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 funding pressure continues to build, especially as market funding reliance and liquidity-buffer demands become less comfortable.
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
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How much does this stock
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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?
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