Analysis of business results & financial statements · Quý 2/2026
▼ FUNDING UNDER PRESSURE
TTM PATMI fell −VND 114.2bn compared with the same period last year. Key positives came from higher net fee income, higher net interest income, and higher other income. Offsetting pressure came mainly from lower fx & gold trading, higher provision for credit losses, and lower investment securities.
See what is changing ↓- P/B
- 1.0x
- ROAE
- 16.2%
- NIM
- 3.1%
- Asset Yield
- 7.59%
- Funding Cost
- 4.49%
- ROAA
- 1.3%
- Market price
- 13,750 19 Oct 2026
The current picture
Bank Picture
VIB bank opening narrative plan rendered.
Profit bridge
Vs last year · TTM
- Net fee income
- Net interest income
- Other income
- Corporate income tax
- FX & gold trading
- Provision for credit losses
- Investment securities
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 | 4.368,0 | 4.038,6 | 4.213,6 | 4.172,7 | 3.968,7 | 3.737,1 | 3.916,4 | 4.059,7 |
| NII Growth YoY | +10% | +8% | +8% | +3% | +1% | −7% | — | — |
| NIM | 3,09% | 3,17% | 3,14% | 3,25% | 3,32% | 3,52% | 3,59% | — |
| Net Fee Income | 1.075,0 | 1.989,5 | 833,0 | 493,5 | 401,0 | 377,7 | 653,8 | 409,2 |
| Provision Expense | 1.280,9 | 1.204,9 | 1.252,2 | 1.157,9 | 635,6 | 421,3 | 1.122,5 | 1.155,6 |
| Net Profit After Tax | 1.905,4 | 2.241,2 | 1.648,0 | 1.624,5 | 2.076,5 | 1.936,5 | 1.921,2 | 1.599,2 |
| Net Income Growth YoY | −8% | +16% | −14% | +2% | +23% | −3% | — | — |
Net interest income
4,368bnProvision expense
1,281bnNet income
1,905bnInside 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?
Credit reading still relies mainly on credit cost, now at 0.90% 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 1.28%. LDR stands at 110.3%.
Credit reading currently relies mainly on credit cost and reserve buffer; NPL, group-2, and bad-debt coverage signals will be added next.
LDR stands at 110.3%, leaving less room on liquidity.
- Credit cost
- 0.90% +0.1pp
- Reserve / Gross loans
- 1.28% +0.0pp
- LDR
- 110.3% +1.7pp
2026Q2
Is interest margin sustainable?
Interest Margin Quality
▼Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 4.49%, even if pressure is not yet as severe as in clearer compression cases.
In the period, NIM reached 3.09%, −0.2pp YoY; asset yield was 7.59%, +0.5pp; while funding cost was 4.49%, +0.7pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.
Funding cost is 4.49%, pressuring net interest margin.
- NIM
- 3.09% −0.2pp
- Asset yield
- 7.59% +0.5pp
- Funding cost
- 4.49% +0.7pp
2026Q2
Earnings Mix
●Is profit coming from core or supporting income sources?
Earnings mix looks more balanced thanks to fee income, now at 20.4% of total operating income.
Nii accounts for 78.1% of toi, fee income is 20.4% of toi, other income is 8.1% of toi, cir stands at 34.1%, net profit equals 34.5% of toi.
Fee income share is improving clearly enough to make the earnings mix less dependent on net interest income.
- NII / TOI
- 78.1% +1.0pp
- Fee / TOI
- 20.4% +2.9pp
- Other income / TOI
- 8.1% −0.7pp
- CIR
- 34.1% −1.3pp
2026Q2
Is liquidity safe?
Funding & Liquidity
▼▼Are funding and capital buffers sufficiently safe?
Liquidity balance is tightening, with LDR up to 110.3% and implying balance-sheet usage is running ahead of funding cushion.
Ldr stands at 110.3%, equity equals 8.2% of assets, customer funding accounts for 63.7% of interest-bearing funding, market funding accounts for 36.3%.
LDR stands at 110.3%, leaving less room on liquidity.
Market funding now accounts for 36.3% of interest-bearing funding.
- LDR
- 110.3% +1.7pp
- Equity / Assets
- 8.2% −0.5pp
- Customer funding
- 63.7% −0.5pp
- Market funding
- 36.3% +0.5pp
2026Q2
Profitability Quality
●What is sustaining current profitability?
Profitability currently looks balanced, with ROAA at 1.33% and ROAE at 16.22%.
Net income on average earning assets is 1.37%, nim stands at 3.09%, credit cost is 0.90%, cir stands at 34.1%, average leverage is around 12.16 times.
Average leverage is currently around 12.16 times.
- ROAA
- 1.33% −0.1pp
- ROAE
- 16.22% −0.1pp
- NI / Avg EA
- 1.37% −0.1pp
- Quarterly provision
- VND 1,281bn +6.3% QoQ
2026Q2
In summary
Research synthesis
What this reporting period is showing
VIB 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 the stability of credit costs and the bank's ability to maintain reserve buffers over the next few quarters.
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
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.