Analysis of business results & financial statements · Quý 1/2026
▼ FUNDING UNDER PRESSURE
TTM PATMI rose +VND 450.4bn 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 operating expenses, and higher provision for credit losses.
See what is changing ↓- P/B
- 1.0x
- ROAE
- 16.4%
- NIM
- 3.2%
- Asset Yield
- 7.40%
- Funding Cost
- 4.23%
- ROAA
- 1.4%
- 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
- FX & gold trading
- Operating expenses
- Provision for credit losses
- Investment securities
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 | 4.038,6 | 4.213,6 | 4.172,7 | 3.968,7 | 3.737,1 | 3.916,4 | 4.059,7 | 3.945,6 |
| NII Growth YoY | +8% | +8% | +3% | +1% | −7% | — | — | — |
| NIM | 3,17% | 3,14% | 3,25% | 3,32% | 3,52% | 3,59% | — | — |
| Net Fee Income | 1.989,5 | 833,0 | 493,5 | 401,0 | 377,7 | 653,8 | 409,2 | 741,7 |
| Provision Expense | 1.204,9 | 1.252,2 | 1.157,9 | 635,6 | 421,3 | 1.122,5 | 1.155,6 | 1.129,9 |
| Net Profit After Tax | 2.241,2 | 1.648,0 | 1.624,5 | 2.076,5 | 1.936,5 | 1.921,2 | 1.599,2 | 1.683,0 |
| Net Income Growth YoY | +16% | −14% | +2% | +23% | −3% | — | — | — |
Net interest income
4,039bnProvision expense
1,205bnNet income
2,241bnInside 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, and that signal has softened modestly: credit cost rose +0.1pp to 0.82%.
Reserve buffer on gross loans is around 1.27%. LDR stands at 108.6%.
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 108.6%, leaving less room on liquidity.
- Credit cost
- 0.82% +0.1pp
- Reserve / Gross loans
- 1.27% −0.0pp
- LDR
- 108.6% −5.8pp
2026Q1
Is interest margin sustainable?
Interest Margin Quality
▼Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 4.23%, even if pressure is not yet as severe as in clearer compression cases.
In the period, NIM reached 3.17%, −0.4pp YoY; asset yield was 7.40%, +0.1pp; while funding cost was 4.23%, +0.5pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.
Funding cost is 4.23%, pressuring net interest margin.
- NIM
- 3.17% −0.4pp
- Asset yield
- 7.40% +0.1pp
- Funding cost
- 4.23% +0.5pp
2026Q1
Earnings Mix
▲▲Is profit coming from core or supporting income sources?
Earnings remain primarily core-led, with NII contributing around 77.1% of total operating income. More broadly, the revenue mix is becoming less anchored in core income, as the share of net interest income declines without a clear enough offset from fee income.
Nii accounts for 77.1% of toi, fee income is 17.5% of toi, other income is 8.7% of toi, cir stands at 35.4%, net profit equals 35.7% of toi.
Net interest income share is declining while fee income does not offset enough or other income rises, making the revenue mix less anchored in core income.
Fee income share is improving clearly enough to make the earnings mix less dependent on net interest income.
- NII / TOI
- 77.1% −3.3pp
- Fee / TOI
- 17.5% +7.0pp
- Other income / TOI
- 8.7% −0.7pp
- CIR
- 35.4% −1.8pp
2026Q1
Is liquidity safe?
Funding & Liquidity
▼▼Are funding and capital buffers sufficiently safe?
LDR remains high at 108.6%, but liquidity pressure has at least eased somewhat versus last quarter.
Ldr stands at 108.6%, equity equals 8.7% of assets, customer funding accounts for 64.2% of interest-bearing funding, market funding accounts for 35.8%.
LDR stands at 108.6%, leaving less room on liquidity.
Market funding now accounts for 35.8% of interest-bearing funding.
- LDR
- 108.6% −5.8pp
- Equity / Assets
- 8.7% +0.3pp
- Customer funding
- 64.2% +3.7pp
- Market funding
- 35.8% −3.7pp
2026Q1
Profitability Quality
●What is sustaining current profitability?
Profitability currently looks balanced, with ROAA at 1.43% and ROAE at 16.36%.
Net income on average earning assets is 1.47%, nim stands at 3.17%, credit cost is 0.82%, cir stands at 35.4%, average leverage is around 11.42 times.
- ROAA
- 1.43% +0.0pp
- ROAE
- 16.36% −0.1pp
- NI / Avg EA
- 1.47% +0.0pp
- Quarterly provision
- VND 1,205bn −3.8% QoQ
2026Q1
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 path of credit costs over the next few quarters, as the recent increase suggests risk pressure has not fully closed out.
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.