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CTG
FUNDING UNDER PRESSURE
TTM PATMI rose +VND 10,052.8bn compared with the same period last year. Key positives came from higher net interest income, lower provision for credit losses, and higher net fee income. Offsetting pressure came mainly from higher operating expenses, higher corporate income tax, and lower fx & gold trading.
See each driver →| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Interest Income | 20.730,5 | 19.385,2 | 17.959,7 | 17.175,7 | 15.842,6 | 15.475,2 | 16.312,2 | 15.577,5 | 15.338,9 | 15.174,2 |
| NII Growth YoY | +31% | +25% | +10% | +10% | +3% | +2% | — | — | — | — |
| NIM | 2,79% | 2,69% | 2,66% | 2,67% | 2,73% | 2,85% | 2,89% | — | — | — |
| Net Fee Income | 2.268,6 | 1.847,0 | 1.696,9 | 1.587,3 | 1.434,2 | 1.610,5 | 1.239,7 | 1.801,4 | 1.886,2 | 1.778,8 |
| Provision Expense | 5.300,3 | 7.700,9 | 350,9 | 5.863,4 | 2.972,8 | 8.111,0 | 2.464,3 | 9.268,7 | 7.816,7 | 8.049,2 |
| Net Profit After Tax | 11.783,5 | 8.960,0 | 11.093,6 | 8.512,5 | 9.752,0 | 5.499,4 | 9.870,6 | 5.192,5 | 5.409,4 | 5.002,5 |
| Net Income Growth YoY | +21% | +63% | +12% | +64% | +80% | +10% | — | — | — | — |
8-quarter trajectory
2024Q3 → 2026Q2Bank Picture
2026Q2CTG bank opening narrative plan rendered.
Drivers of CTG's profit
Net profit attributable to parent increased vs last year, mainly helped by higher net interest income. Supporting and offsetting drivers:
Net profit attributable to parent increased vs prior quarter, mainly helped by higher net interest income. Supporting and offsetting drivers:
Financial Highlights
Detailed analysis of each financial dimension
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 1.61% of gross loans.
Reserve buffer on gross loans is around 1.61%. LDR stands at 101.2%.
Credit reading currently relies mainly on credit cost and reserve buffer; NPL, group-2, and bad-debt coverage signals will be added next.
Watchpoints
Provision-to-gross-loans is declining quarter over quarter, suggesting a thinner loss-absorbing reserve buffer.
LDR stands at 101.2%, leaving less room on liquidity.
Key signals
2026Q2
Is interest margin sustainable?
Interest Margin Quality
Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 3.29%, even if pressure is not yet as severe as in clearer compression cases.
In the period, NIM reached 2.79%, +0.1pp YoY; asset yield was 6.08%, +0.4pp; while funding cost was 3.29%, +0.4pp. This suggests spread is not yet showing a clearly deteriorating pattern.
Key signals
2026Q2
Earnings Mix
Is profit coming from core or supporting income sources?
Earnings mix currently looks balanced.
Nii accounts for 77.3% of toi, fee income is 7.6% of toi, other income is 10.8% of toi, cir stands at 28.5%, net profit equals 41.4% of toi.
Watchpoints
Fee income currently contributes only 7.6% of total operating income.
Key signals
2026Q2
Is liquidity safe?
Funding & Liquidity
Are funding and capital buffers sufficiently safe?
Liquidity balance should be watched more closely, with LDR at 101.2%.
Ldr stands at 101.2%, equity equals 6.8% of assets, customer funding accounts for 75.4% of interest-bearing funding, market funding accounts for 24.6%.
Watchpoints
LDR stands at 101.2%, leaving less room on liquidity.
Equity currently accounts for only 6.8% of ending assets.
Key signals
2026Q2
Profitability Quality
What is sustaining current profitability?
Profitability currently looks balanced, but should be read in the context of light provisioning, with ROAA at 1.45%.
Net income on average earning assets is 1.49%, nim stands at 2.79%, credit cost is 0.71%, cir stands at 28.5%, average leverage is around 15.31 times.
Watchpoints
Average leverage is currently around 15.31 times.
Key signals
2026Q2
Peer comparison · State-controlled Commercial Banks
Investment Takeaway
CTG bank investment takeaway — funding under pressure. [Placeholder for EN translation.]
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Statement Data
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