Analysis of business results & financial statements · Quý 2/2026
▼ FUNDING UNDER PRESSURE
TTM PATMI rose +VND 566.0bn compared with the same period last year. Key positives came from higher net interest income, lower provision for credit losses, and higher investment securities. Offsetting pressure came mainly from lower other income, higher operating expenses, and higher corporate income tax.
See what is changing ↓- P/B
- 1.0x
- ROAE
- 14.0%
- NIM
- 2.0%
- Asset Yield
- 7.26%
- Funding Cost
- 5.25%
- ROAA
- 0.8%
- Market price
- 12,450 16 Oct 2026
The current picture
Bank Picture
VBB bank opening narrative plan rendered.
Profit bridge
Vs last year · TTM
- Net interest income
- Provision for credit losses
- Investment securities
- Net fee income
- Other 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 | 993,6 | 768,1 | 1.108,7 | 828,0 | 687,4 | 702,5 | 698,6 | 852,1 |
| NII Growth YoY | +45% | +9% | +59% | −3% | −15% | +56% | — | — |
| NIM | 2,00% | 1,94% | 1,93% | 1,77% | 1,88% | 2,02% | 1,92% | — |
| Net Fee Income | 25,0 | 21,6 | 37,0 | 58,7 | 34,2 | 30,5 | 26,9 | 46,3 |
| Provision Expense | −109,0 | 194,9 | 67,1 | 83,2 | 94,0 | 118,4 | 440,4 | 132,2 |
| Net Profit After Tax | 619,3 | 131,4 | 519,8 | 280,2 | 211,7 | 198,2 | 247,4 | 327,5 |
| Net Income Growth YoY | +193% | −34% | +110% | −14% | −21% | +245% | — | — |
Net interest income
994bnProvision expense
-109bnNet income
619bnInside 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 1.29% of gross loans.
Reserve buffer on gross loans is around 1.29%. LDR stands at 89.6%.
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
- 0.13% −0.1pp
- Reserve / Gross loans
- 1.29% −0.2pp
- LDR
- 89.6% +1.3pp
2026Q2
Is interest margin sustainable?
Interest Margin Quality
▼▼Is spread coming under pressure?
Spread is under pressure from funding costs, with funding cost at 5.25%.
In the period, NIM reached 2.00%, +0.1pp YoY; asset yield was 7.26%, +0.4pp; while funding cost was 5.25%, +0.3pp. This suggests spread is not yet showing a clearly deteriorating pattern.
NIM stands at 2.00%, leaving less room on spread.
Funding cost is 5.25%, pressuring net interest margin.
- NIM
- 2.00% +0.1pp
- Asset yield
- 7.26% +0.4pp
- Funding cost
- 5.25% +0.3pp
2026Q2
Earnings Mix
●Is profit coming from core or supporting income sources?
Earnings mix currently looks balanced, while cost discipline keeps CIR at 45.8%.
Nii accounts for 91.2% of toi, fee income is 3.5% of toi, other income is 0.0% of toi, cir stands at 45.8%, net profit equals 38.2% of toi.
CIR stands at 45.8%, suggesting cost discipline still needs work.
Fee income currently contributes only 3.5% of total operating income.
- NII / TOI
- 91.2% −1.4pp
- Fee / TOI
- 3.5% −0.6pp
- Other income / TOI
- 0.0%
- CIR
- 45.8% −2.6pp
2026Q2
Is liquidity safe?
Funding & Liquidity
▼▼Are funding and capital buffers sufficiently safe?
Capital buffer is making this case less comfortable, with equity down to 6.4% of assets and still thinning quarter over quarter.
Ldr stands at 89.6%, equity equals 6.4% of assets, customer funding accounts for 56.9% of interest-bearing funding, market funding accounts for 43.1%.
Equity currently accounts for only 6.4% of ending assets.
Market funding now accounts for 43.1% of interest-bearing funding.
- LDR
- 89.6% +1.3pp
- Equity / Assets
- 6.4% −0.2pp
- Customer funding
- 56.9% +0.3pp
- Market funding
- 43.1% −0.3pp
2026Q2
Profitability Quality
▼▼What is sustaining current profitability?
Profitability should be watched more closely, with ROAA at 0.81% and ROAE at 13.95%.
Net income on average earning assets is 0.84%, nim stands at 2.00%, credit cost is 0.13%, cir stands at 45.8%, average leverage is around 17.25 times.
ROAA stands at 0.81%, suggesting returns on assets are still soft.
Average leverage is currently around 17.25 times.
- ROAA
- 0.81% +0.2pp
- ROAE
- 13.95% +3.3pp
- NI / Avg EA
- 0.84% +0.2pp
- Quarterly provision
- VND -109bn −155.9% QoQ
2026Q2
In summary
Research synthesis
What this reporting period is showing
VBB 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 the bank can build a clearer service-fee contribution to reduce reliance on a single earnings pillar.
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.