TTM PATMI rose +VND 101.4bn compared with the same period last year. Key positives came from lower provision for credit losses, higher net interest income, and higher net fee income. Offsetting pressure came mainly from lower other income, higher operating expenses, and higher corporate income tax.

Is asset quality deteriorating?

Direct credit reading is still incomplete, but funding balance has tightened with LDR rising to 88.3%.

Reserve buffer on gross loans is around 1.51%. LDR stands at 88.3%.

Credit reading currently relies mainly on credit cost and reserve buffer; NPL, group-2, and bad-debt coverage signals will be added next.

Is spread coming under pressure?

Spread is under pressure from funding costs, with funding cost at 5.24%.

In the period, NIM reached 1.94%, −0.1pp YoY; asset yield was 7.18%, +0.4pp; while funding cost was 5.24%, +0.5pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.

Is profit coming from core or supporting income sources?

Earnings mix currently looks balanced, while cost discipline keeps CIR at 48.4%.

Nii accounts for 92.6% of toi, fee income is 4.1% of toi, other income is −0.1% of toi, cir stands at 48.4%, net profit equals 31.2% of toi.

Are funding and capital buffers sufficiently safe?

Capital buffer is the key watchpoint, with equity only at 6.6% of ending assets.

Ldr stands at 88.3%, equity equals 6.6% of assets, customer funding accounts for 56.7% of interest-bearing funding, market funding accounts for 43.3%.

What is sustaining current profitability?

Profitability is under clearer pressure as provisioning is rising sharply, with ROAA currently at 0.63%.

Net income on average earning assets is 0.65%, nim stands at 1.94%, credit cost is 0.25%, cir stands at 48.4%, average leverage is around 16.99 times.