VAB

Ngân hàng TMCP Việt Á ·HOSE ·2026Q1

▲ STABLE WITH WATCH ITEMS

Operations are improving ROAA 1.05%, +0.04 pp YoY
Price
10,450
Latest close
03 Jun 2026
P/B 0.8x
ROAE (TTM) 14.4%
NIM (TTM) 2.7%
ROAA (TTM) 1.0%
LDR 83.2%

Bank Picture

VAB bank opening narrative plan rendered.

NIM
2.74%
+0.5 pp YoY
ROAA
1.05%
+0.0 pp QoQ
Gross loans
90,753 bn VND
+11.0% YoY
Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Net Interest Income 675,5 1.608,3 638,7 542,4 612,5 813,6 462,5 512,1 539,5
NII Growth YoY +10% +98% +38% +6% +14%
NIM 2,74% 2,80% 2,26% 2,19% 2,23% 2,26%
Net Fee Income 65,9 73,4 26,5 23,6 40,0 39,8 40,8 33,3 14,7
Provision Expense 11,6 914,0 161,9 4,7 87,5 378,0 6,1 −12,3 166,9
Net Profit After Tax 408,5 461,8 268,6 283,1 292,9 237,7 186,0 266,9 202,7
Net Income Growth YoY +39% +94% +44% +6% +44%

Drivers of VAB's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher net interest income. Supporting and offsetting drivers:

Net interest income +VND 1,064.1bn
Other income +VND 90.8bn
FX & gold trading +VND 38.6bn
Net fee income +VND 35.5bn
Provision for credit losses +VND 632.9bn
Corporate income tax +VND 136.2bn
TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower provision for credit losses. Supporting and offsetting drivers:

Provision for credit losses −VND 75.9bn
Net interest income +VND 63.0bn
Net fee income +VND 25.8bn
Other income +VND 12.8bn
FX & gold trading +VND 5.7bn
Corporate income tax +VND 40.0bn

Financial Highlights

Detailed analysis of each financial dimension

Is credit clean?

very positive positive stable watch under pressure

Credit Quality

Is asset quality deteriorating?

Credit reading still relies mainly on credit cost, now at 0.86% 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 1.18%. LDR stands at 83.2%.

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 0.86% −0.1pp
Reserve / Gross loans 1.18% −0.0pp
LDR 83.2% −1.1pp

2026Q1

Is interest margin sustainable?

Interest Margin Quality

Is spread coming under pressure?

Spread deserves closer monitoring because funding cost is already at 5.17%, even if pressure is not yet as severe as in clearer compression cases.

In the period, NIM reached 2.74%, +0.5pp YoY; asset yield was 7.91%, +0.9pp; while funding cost was 5.17%, +0.4pp. This suggests spread is not yet showing a clearly deteriorating pattern.

Watchpoints

Funding cost is elevated

Funding cost is 5.17%, pressuring net interest margin.

Key signals

NIM 2.74% +0.5pp
Asset yield 7.91% +0.9pp
Funding cost 5.17% +0.4pp

2026Q1

Earnings Mix

Is profit coming from core or supporting income sources?

Earnings mix currently looks balanced.

Nii accounts for 89.5% of toi, fee income is 4.9% of toi, other income is 5.2% of toi, cir stands at 26.5%, net profit equals 36.7% of toi.

Watchpoints

Fee-income base is thin

Fee income currently contributes only 4.9% of total operating income.

Key signals

NII / TOI 89.5% −0.9pp
Fee / TOI 4.9% +0.5pp
Other income / TOI 5.2% +0.2pp
CIR 26.5% +0.0pp

2026Q1

Is liquidity safe?

Funding & Liquidity

Are funding and capital buffers sufficiently safe?

Funding and liquidity look more balanced, with LDR at 83.2% while customer funding share is improving.

Ldr stands at 83.2%, equity equals 7.4% of assets, customer funding accounts for 81.9% of interest-bearing funding, market funding accounts for 18.1%.

Key signals

LDR 83.2% −1.1pp
Equity / Assets 7.4% +0.2pp
Customer funding 81.9% +1.7pp
Market funding 18.1% −1.7pp

2026Q1

Profitability Quality

What is sustaining current profitability?

Profitability currently looks balanced, with ROAA at 1.05% and ROAE at 14.42%.

Net income on average earning assets is 1.13%, nim stands at 2.74%, credit cost is 0.86%, cir stands at 26.5%, average leverage is around 13.76 times.

Watchpoints

Average leverage is elevated

Average leverage is currently around 13.76 times.

Key signals

ROAA 1.05% +0.0pp
ROAE 14.42% +0.7pp
NI / Avg EA 1.13% +0.0pp
Quarterly provision VND 12bn −98.7% QoQ

2026Q1

Investment Takeaway

VAB bank investment takeaway — core engine with caveat. [Placeholder for EN translation.]

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Statement Data

Item 2025 2024
Net Interest Income
3,401.9 2,327.7
Net Fee and Commission Income
163.6 128.6
Operating Expenses
972.5 1,021.1
Operating Profit before Provision for Credit Losses
2,814.4 1,640.8
Provision for Credit Losses
1,168.6 555.2
Profit Before Tax
1,645.8 1,085.7
Net Profit After Tax
1,320.0 867.0
Net Profit Attributable to the Equity Holders of the Bank
1,320.0 867.0
Earnings per Share
2,106.00 1,606.00

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