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CTG
FUNDING UNDER PRESSURE
TTM PATMI rose +VND 12,287.2bn compared with the same period last year. Key positives came from lower provision for credit losses, higher net interest income, and higher other income. Offsetting pressure came mainly from higher operating expenses, higher corporate income tax, and lower fx & gold trading.
See each driver →| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|---|
| Net Interest Income | 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 | +25% | +10% | +10% | +3% | +2% | — | — | — | — |
| NIM | 2,69% | 2,66% | 2,67% | 2,73% | 2,85% | 2,89% | — | — | — |
| Net Fee Income | 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 | 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 | 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 | +63% | +12% | +64% | +80% | +10% | — | — | — | — |
8-quarter trajectory
2024Q2 → 2026Q1Bank Picture
2026Q1CTG bank opening narrative plan rendered.
Drivers of CTG's profit
Net profit attributable to parent increased vs last year, mainly helped by lower provision for credit losses. 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?
Liquidity balance is tightening, with LDR up to 101.0% and near-term funding room looking thinner than last quarter.
Reserve buffer on gross loans is around 1.70%. LDR stands at 101.0%.
Credit reading currently relies mainly on credit cost and reserve buffer; NPL, group-2, and bad-debt coverage signals will be added next.
Watchpoints
LDR stands at 101.0%, leaving less room on liquidity.
Key signals
2026Q1
Is interest margin sustainable?
Interest Margin Quality
Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 3.13%, even if pressure is not yet as severe as in clearer compression cases.
In the period, NIM reached 2.69%, −0.2pp YoY; asset yield was 5.82%, +0.1pp; while funding cost was 3.13%, +0.2pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.
Key signals
2026Q1
Earnings Mix
Is profit coming from core or supporting income sources?
Earnings mix currently looks balanced.
Nii accounts for 76.5% of toi, fee income is 7.1% of toi, other income is 11.3% of toi, cir stands at 29.7%, net profit equals 41.7% of toi.
Watchpoints
Fee income currently contributes only 7.1% of total operating income.
Key signals
2026Q1
Is liquidity safe?
Funding & Liquidity
Are funding and capital buffers sufficiently safe?
Liquidity balance is tightening, with LDR up to 101.0% and implying balance-sheet usage is running ahead of funding cushion.
Ldr stands at 101.0%, equity equals 6.5% of assets, customer funding accounts for 74.9% of interest-bearing funding, market funding accounts for 25.1%.
Watchpoints
LDR stands at 101.0%, leaving less room on liquidity.
Equity currently accounts for only 6.5% of ending assets.
Key signals
2026Q1
Profitability Quality
What is sustaining current profitability?
Profitability is under clearer pressure as provisioning is rising sharply, with ROAA currently at 1.42%.
Net income on average earning assets is 1.47%, nim stands at 2.69%, credit cost is 0.65%, cir stands at 29.7%, average leverage is around 15.74 times.
Watchpoints
Average leverage is currently around 15.74 times.
Quarterly provision expense increased 2094.5% QoQ.
Key signals
2026Q1
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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