Analysis of business results & financial statements · Quý 1/2026
▼ FUNDING UNDER PRESSURE
TTM PATMI rose +VND 10,195.1bn compared with the same period last year. Key positives came from higher net interest income, higher net fee income, and lower provision for credit losses. Offsetting pressure came mainly from higher operating expenses, higher corporate income tax, and lower fx & gold trading.
See what is changing ↓- P/B
- 1.0x
- ROAE
- 15.6%
- NIM
- 5.5%
- Asset Yield
- 9.79%
- Funding Cost
- 4.28%
- ROAA
- 2.2%
- Market price
- 24,000 20 Oct 2026
The current picture
Bank Picture
VPB bank opening narrative plan rendered.
Profit bridge
Vs last year · TTM
- Net interest income
- Net fee income
- Provision for credit losses
- Other income
- Trading securities
- Operating expenses
- Corporate income tax
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 | 16.960,6 | 16.767,2 | 15.061,2 | 13.451,8 | 13.355,8 | 13.193,0 | 12.155,8 | 12.408,2 |
| NII Growth YoY | +27% | +27% | +24% | +8% | +18% | — | — | — |
| NIM | 5,51% | 5,57% | 5,62% | 5,54% | 5,99% | 5,92% | — | — |
| Net Fee Income | 2.064,5 | 2.477,6 | 2.392,0 | 1.370,0 | 1.168,8 | 1.541,9 | 1.147,6 | 1.880,6 |
| Provision Expense | 7.669,1 | 6.262,1 | 6.543,5 | 5.915,7 | 6.677,3 | 7.701,9 | 6.125,1 | 8.313,4 |
| Net Profit After Tax | 6.329,5 | 8.118,4 | 7.363,7 | 4.937,5 | 3.935,0 | 5.039,5 | 4.164,3 | 3.632,7 |
| Net Income Growth YoY | +61% | +61% | +77% | +36% | +25% | — | — | — |
Net interest income
16,961bnProvision expense
7,669bnNet income
6,329bnInside 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 cost is in a watch zone at 2.34% of average earning assets.
Reserve buffer on gross loans is around 1.89%. LDR stands at 124.3%.
Credit reading currently relies mainly on credit cost and reserve buffer; NPL, group-2, and bad-debt coverage signals will be added next.
Credit cost is at 2.34%, pointing to rising provisioning pressure.
LDR stands at 124.3%, leaving less room on liquidity.
- Credit cost
- 2.34% −0.1pp
- Reserve / Gross loans
- 1.89% +0.0pp
- LDR
- 124.3% −1.7pp
2026Q1
Is interest margin sustainable?
Interest Margin Quality
▼Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 4.28%, even if pressure is not yet as severe as in clearer compression cases.
In the period, NIM reached 5.51%, −0.5pp YoY; asset yield was 9.79%, +0.1pp; while funding cost was 4.28%, +0.5pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.
Funding cost is 4.28%, pressuring net interest margin.
- NIM
- 5.51% −0.5pp
- Asset yield
- 9.79% +0.1pp
- Funding cost
- 4.28% +0.5pp
2026Q1
Earnings Mix
▲▲Is profit coming from core or supporting income sources?
Earnings remain primarily core-led, with NII contributing around 79.0% of total operating income.
Nii accounts for 79.0% of toi, fee income is 10.5% of toi, other income is 9.0% of toi, cir stands at 24.0%, net profit equals 33.9% of toi.
Fee income share is improving clearly enough to make the earnings mix less dependent on net interest income.
- NII / TOI
- 79.0% +0.2pp
- Fee / TOI
- 10.5% +0.6pp
- Other income / TOI
- 9.0% +0.3pp
- CIR
- 24.0% −0.8pp
2026Q1
Is liquidity safe?
Funding & Liquidity
▼▼Are funding and capital buffers sufficiently safe?
LDR remains high at 124.3%, but liquidity pressure has at least eased somewhat versus last quarter.
Ldr stands at 124.3%, equity equals 13.6% of assets, customer funding accounts for 60.3% of interest-bearing funding, market funding accounts for 39.7%.
LDR stands at 124.3%, leaving less room on liquidity.
Market funding now accounts for 39.7% of interest-bearing funding.
- LDR
- 124.3% −1.7pp
- Equity / Assets
- 13.6% −0.7pp
- Customer funding
- 60.3% −0.7pp
- Market funding
- 39.7% +0.7pp
2026Q1
Profitability Quality
▲▲What is sustaining current profitability?
Profitability quality looks constructive, with ROAA at 2.26% and ROAE at 15.84%, primarily supported by spread.
Net income on average earning assets is 2.37%, nim stands at 5.51%, credit cost is 2.34%, cir stands at 24.0%, average leverage is around 7.00 times.
- ROAA
- 2.26% +0.0pp
- ROAE
- 15.84% +1.0pp
- NI / Avg EA
- 2.37% +0.1pp
- Quarterly provision
- VND 7,669bn +22.5% QoQ
2026Q1
In summary
Research synthesis
What this reporting period is showing
VPB 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.