Credit reading still relies mainly on credit cost, now at 0.81% 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 1.63%. LDR stands at 94.0%.
Credit reading currently relies mainly on credit cost and reserve buffer; NPL, group-2, and bad-debt coverage signals will be added next.
Key signals
Credit cost
0.81%
−0.1pp
Reserve / Gross loans
1.63%
−0.0pp
LDR
94.0%
+0.8pp
2026Q1
Is interest margin sustainable?
Interest Margin Quality
▼
Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 5.09%, even if pressure is not yet as severe as in clearer compression cases.
In the period, NIM reached 4.07%, −0.0pp YoY; asset yield was 9.16%, +0.3pp; while funding cost was 5.09%, +0.3pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.
Watchpoints
Funding cost is elevated
Funding cost is 5.09%, pressuring net interest margin.
Key signals
NIM
4.07%
−0.0pp
Asset yield
9.16%
+0.3pp
Funding cost
5.09%
+0.3pp
2026Q1
Earnings Mix
▲▲
Is profit coming from core or supporting income sources?
Earnings remain primarily core-led, with NII contributing around 75.4% of total operating income.
Nii accounts for 75.4% of toi, fee income is 16.3% of toi, other income is 6.3% of toi, cir stands at 37.7%, net profit equals 39.1% of toi.
Watchpoints
Fee income is helping diversify the earnings mix
Fee income share is improving clearly enough to make the earnings mix less dependent on net interest income.
Key signals
NII / TOI
75.4%
+2.5pp
Fee / TOI
16.3%
−1.1pp
Other income / TOI
6.3%
−1.6pp
CIR
37.7%
−2.6pp
2026Q1
Is liquidity safe?
Funding & Liquidity
●
Are funding and capital buffers sufficiently safe?
Customer funding remains the main base at 75.2%, but the rising market-funding share is making the mix less comfortable.
Ldr stands at 94.0%, equity equals 8.1% of assets, customer funding accounts for 75.2% of interest-bearing funding, market funding accounts for 24.8%.
Key signals
LDR
94.0%
+0.8pp
Equity / Assets
8.1%
−0.1pp
Customer funding
75.2%
−3.6pp
Market funding
24.8%
+3.6pp
2026Q1
Profitability Quality
▲▲
What is sustaining current profitability?
Profitability currently looks balanced, but should be read in the context of light provisioning, with ROAA at 1.93%.
Net income on average earning assets is 2.11%, nim stands at 4.07%, credit cost is 0.81%, cir stands at 37.7%, average leverage is around 13.19 times.
Watchpoints
Average leverage is elevated
Average leverage is currently around 13.19 times.
Returns may be helped by light provisioning
Credit cost is only 0.81%, so return durability should be monitored if provisioning normalizes.
Key signals
ROAA
1.93%
+0.0pp
ROAE
25.44%
+0.7pp
NI / Avg EA
2.11%
+0.0pp
Quarterly provision
VND 143bn
−8.5% QoQ
2026Q1
Investment Takeaway
KLB bank investment takeaway — core engine with caveat. [Placeholder for EN translation.]
[Placeholder for EN evidence line 1.]
[Placeholder for EN evidence line 2.]
[Placeholder for EN conclusion.]
Statement Data
Item
2025
2024
Interest Income and Similar Income
8,397.1
7,111.2
Interest Expense and Similar Expenses
4,629.6
3,920.0
Net Interest Income
3,767.6
3,191.2
Fee and Commission Income
952.2
574.6
Fee and Commission Expenses
74.4
94.2
Net Fee and Commission Income
877.8
480.5
Net Gain/(Loss) from Foreign Currencies and Gold Trading
88.4
42.0
Net Gain/(Loss) from Trading Securities
63.2
—
Net Gain/(Loss) from Investment Securities
1.2
25.6
Other Income
426.9
224.6
Other Expenses
17.8
7.3
Net Other Income
409.2
217.3
Operating Expenses
2,061.0
2,021.6
Operating Profit before Provision for Credit Losses
3,146.4
1,935.0
Provision for Credit Losses
823.7
822.9
Profit Before Tax
2,322.7
1,112.1
Current Corporate Income Tax Expense
466.5
224.4
Deferred Income Tax Expense
—
0.1
Corporate Income Tax
466.5
224.6
Net Profit After Tax
1,856.2
887.5
Net Profit Attributable to the Equity Holders of the Bank
1,856.2
887.5
Earnings per Share
3,209.00
2,455.00
Item
2025
2024
Cash, Gold and Precious Stones
602.1
538.4
Balances with the State Bank of Vietnam
5,803.0
4,207.5
Placements at and Loans to Other Credit Institutions
16,164.8
15,504.6
Placements at Other Credit Institutions
16,164.8
15,504.6
Derivatives and Other Financial Assets
224.5
—
Loans, Advances and Finance Leases to Customers
70,413.5
60,451.6
Loans, Advances and Finance Leases to Customers (Gross)
71,587.7
61,431.9
Provision for Losses on Loans, Advances and Finance Leases to Customers
-1,174.2
-980.3
Investment Securities
3,013.3
2,974.0
Available-for-sale Securities
1,343.8
1,298.4
Held-to-maturity Securities
1,669.6
1,675.5
Fixed Assets
1,382.2
1,415.0
Tangible Fixed Assets
611.8
623.1
Tangible Fixed Assets Cost
1,208.4
1,171.5
Accumulated Depreciation of Tangible Fixed Assets
-596.6
-548.4
Intangible Fixed Assets
770.4
791.9
Intangible Fixed Assets Cost
936.1
934.1
Accumulated Depreciation of Intangible Fixed Assets
-165.8
-142.3
Other Assets
5,699.2
7,085.3
Accounts Receivables
3,364.3
5,290.9
Interest and Fee Receivables
1,806.3
1,393.4
Other Assets (Miscellaneous)
658.5
500.4
Provision for Risks in Other Assets
-129.9
-99.4
Total Assets
103,302.7
92,176.3
Placements and Borrowings from Other Credit Institutions
15,875.4
15,125.5
Placements from Other Credit Institutions
15,867.2
15,117.3
Borrowings from Other Credit Institutions
8.2
8.3
Deposits from Customers
72,010.4
63,521.5
Derivatives and Other Financial Liabilities
—
112.5
Valuable Papers Issued
3,475.1
3,928.5
Other Liabilities
3,525.2
2,883.3
Interest and Fee Payables
1,388.8
1,002.1
Other Liabilities (Miscellaneous)
2,136.4
1,881.3
Total Liabilities
94,886.2
85,571.3
Capital and Reserves
8,416.5
6,605.0
Capital
5,787.5
3,618.6
Charter Capital
5,821.7
3,652.8
Reserves
751.3
573.8
Undistributed Earnings after Tax/Accumulated Loss
1,877.7
2,412.5
Total Liabilities and Equity
103,302.7
92,176.3
Item
2025
2024
Receipts from Interest and Similar Income
7,984.2
7,155.8
Payments for Interest and Similar Expenses
-4,242.8
-4,525.5
Receipts from Fee and Commission Income
877.8
480.5
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities
152.8
67.6
Receipts from Other Income
10.6
9.4
Receipts from Collection of Written-off Debts
397.2
207.1
Payments for Staff Costs and Operating Expenses
-1,893.3
-1,628.0
Corporate Income Tax Paid
-347.0
-166.3
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities
2,939.7
1,600.6
(Increase)/Decrease in Trading Securities and Investment Securities
-39.4
405.0
(Increase)/Decrease in Derivatives and Other Financial Assets
-224.5
—
(Increase)/Decrease in Loans and Advances to Customers
-10,155.8
-9,648.9
(Decrease)/Increase in Provisions for Damages
-629.9
-465.8
(Increase)/Decrease in Other Operating Assets
1,728.3
-1,409.5
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions
749.9
-2,993.4
Increase/(Decrease) in Deposits from Customers
8,488.9
6,524.1
Increase/(Decrease) in Valuable Papers Issued
—
569.0
Increase/(Decrease) in Funds Received from Government and Institutions
-453.3
—
Increase/(Decrease) in Derivatives and Other Financial Liabilities
-112.5
87.1
Increase/(Decrease) in Other Operating Liabilities
69.0
504.9
Net Cash Flows from Operating Activities
2,360.4
-4,826.9
Purchase of Fixed Assets
-42.3
-92.1
Receipts from Disposal of Fixed Assets
1.3
0.8
Net Cash Flows from Investing Activities
-41.0
-91.3
Net Cash Flows during the Period
2,319.4
-4,918.3
Cash and Cash Equivalents at Beginning of the Period
20,250.5
25,168.8
Cash and Cash Equivalents at End of the Period
22,569.9
20,250.5
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Interest Income and Similar Income
2,233.3
2,243.1
2,166.4
1,999.8
1,987.8
1,794.6
1,814.0
1,809.6
1,693.0
Interest Expense and Similar Expenses
1,313.7
1,186.5
1,188.5
1,115.8
1,138.8
1,000.8
948.5
890.6
1,080.1
Net Interest Income
919.7
1,056.7
977.9
883.9
849.1
793.7
865.6
919.0
612.9
Fee and Commission Income
110.9
437.4
165.3
169.8
179.8
174.3
118.5
160.5
121.4
Fee and Commission Expenses
18.6
12.0
1.2
21.1
20.2
26.9
19.3
39.7
8.3
Net Fee and Commission Income
92.3
425.4
164.1
148.7
159.6
147.3
99.2
120.8
113.1
Net Gain/(Loss) from Foreign Currencies and Gold Trading
28.0
33.1
14.0
20.4
20.9
35.8
1.2
-6.2
11.2
Net Gain/(Loss) from Trading Securities
26.3
63.2
—
—
—
—
—
—
—
Net Gain/(Loss) from Investment Securities
0.6
-30.9
19.3
12.7
0.1
12.5
4.7
3.5
4.9
Other Income
46.7
135.9
52.2
126.9
112.0
100.6
42.3
49.4
32.2
Other Expenses
31.1
6.0
1.8
1.6
8.4
1.5
0.4
0.9
4.5
Net Other Income
15.7
129.9
50.4
125.3
103.6
99.1
41.9
48.5
27.7
Operating Expenses
417.7
734.7
471.2
296.3
578.6
408.1
665.4
503.6
444.4
Operating Profit before Provision for Credit Losses
664.8
942.6
754.4
894.7
554.7
680.4
347.1
582.1
325.4
Provision for Credit Losses
143.3
156.5
139.1
329.9
198.2
328.8
138.2
244.4
111.6
Profit Before Tax
521.6
786.2
615.3
564.8
356.5
351.5
209.0
337.7
213.8
Current Corporate Income Tax Expense
104.8
158.0
123.4
113.3
71.8
70.8
42.2
68.5
43.0
Deferred Income Tax Expense
—
—
—
—
—
—
—
—
0.1
Corporate Income Tax
104.8
158.0
123.4
113.3
71.8
70.8
42.2
68.5
43.1
Net Profit After Tax
416.8
628.2
491.9
451.5
284.7
280.7
166.8
269.3
170.7
Net Profit Attributable to the Equity Holders of the Bank
416.8
628.2
491.9
451.5
284.7
280.7
166.8
269.3
170.7
Earnings per Share
721.00
—
—
—
788.00
—
—
—
472.00
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Cash, Gold and Precious Stones
554.3
602.1
598.8
769.7
589.7
538.4
617.1
638.9
629.1
Balances with the State Bank of Vietnam
3,974.5
5,803.0
5,201.7
6,340.9
5,495.2
4,207.5
2,428.9
2,843.4
1,533.3
Placements at and Loans to Other Credit Institutions
20,982.3
16,164.8
11,943.1
10,338.8
12,301.2
15,504.6
19,266.9
20,625.4
19,266.1
Placements at Other Credit Institutions
20,982.3
16,164.8
11,943.1
10,338.8
12,301.2
15,504.6
17,474.4
17,777.4
16,418.1
Loans to Other Credit Institutions
—
—
—
—
—
—
1,792.5
2,847.9
2,847.9
Trading Securities
—
—
—
—
252.0
—
301.3
60.3
718.4
Trading Securities (Gross)
—
—
—
—
252.0
—
301.3
60.3
718.4
Derivatives and Other Financial Assets
10.3
224.5
—
—
—
—
—
—
—
Loans, Advances and Finance Leases to Customers
72,044.4
70,413.5
69,853.4
68,416.1
66,941.2
60,451.6
58,441.1
56,184.8
52,740.5
Loans, Advances and Finance Leases to Customers (Gross)
73,235.0
71,587.7
70,922.4
69,547.0
67,958.8
61,431.9
59,275.0
56,973.1
53,392.7
Provision for Losses on Loans, Advances and Finance Leases to Customers
-1,190.6
-1,174.2
-1,068.9
-1,130.9
-1,017.6
-980.3
-833.9
-788.3
-652.2
Investment Securities
3,011.8
3,013.3
3,014.8
2,971.0
2,972.5
2,974.0
3,468.0
3,469.3
5,044.9
Available-for-sale Securities
1,343.7
1,343.8
1,343.8
1,298.5
1,298.4
1,298.4
1,797.0
1,796.9
1,452.9
Held-to-maturity Securities
1,668.1
1,669.6
1,671.1
1,672.6
1,674.0
1,675.5
1,677.0
1,678.5
3,598.0
Provision for Diminution in Value of Investment Securities
—
—
—
—
—
—
-6.0
-6.0
-6.0
Fixed Assets
1,324.7
1,382.2
1,382.0
1,393.9
1,396.3
1,415.0
1,374.1
1,377.2
1,349.4
Tangible Fixed Assets
602.4
611.8
608.6
615.1
611.6
623.1
587.9
600.3
612.9
Tangible Fixed Assets Cost
1,193.1
—
—
—
—
—
—
—
—
Accumulated Depreciation of Tangible Fixed Assets
-590.7
—
—
—
—
—
—
—
—
Intangible Fixed Assets
722.3
770.4
773.5
778.7
784.7
791.9
786.2
776.9
736.5
Intangible Fixed Assets Cost
894.6
—
—
—
—
—
—
—
—
Accumulated Depreciation of Intangible Fixed Assets
-172.3
—
—
—
—
—
—
—
—
Other Assets
7,065.7
5,699.2
5,722.1
7,400.0
7,216.3
7,085.3
5,929.7
6,468.9
6,299.3
Accounts Receivables
4,013.0
3,364.3
3,938.3
5,402.5
5,570.6
5,290.9
3,809.5
4,454.9
4,232.4
Interest and Fee Receivables
1,861.5
1,806.3
1,401.1
1,631.3
1,238.0
1,393.4
1,733.6
1,584.2
1,605.5
Other Assets (Miscellaneous)
1,321.0
658.5
477.0
460.6
507.0
500.4
485.2
484.2
490.8
Provision for Risks in Other Assets
-129.9
-129.9
-94.3
-94.3
-99.4
-99.4
-98.6
-54.4
-29.3
Total Assets
108,967.8
103,302.7
97,716.1
97,630.5
97,164.4
92,176.3
91,827.2
91,668.2
87,580.9
Placements and Borrowings from Other Credit Institutions
20,663.1
15,875.4
11,610.2
10,065.9
12,267.7
15,125.5
19,264.4
20,766.5
19,323.3
Placements from Other Credit Institutions
20,654.9
15,867.2
11,602.0
10,057.6
12,259.4
15,117.3
17,627.8
17,915.8
16,472.6
Borrowings from Other Credit Institutions
8.2
8.2
8.2
8.3
8.3
8.3
1,636.6
2,850.7
2,850.7
Deposits from Customers
73,137.4
72,010.4
70,898.2
73,173.6
70,990.0
63,521.5
60,041.1
58,386.2
56,239.0
Derivatives and Other Financial Liabilities
—
—
25.1
35.9
9.8
112.5
27.0
196.0
116.0
Valuable Papers Issued
3,474.7
3,475.1
4,982.7
4,082.1
4,021.6
3,928.5
3,228.1
3,228.1
3,259.7
Other Liabilities
2,896.6
3,525.2
2,475.6
3,026.9
3,041.2
2,883.3
2,934.3
2,952.4
2,704.3
Interest and Fee Payables
1,180.7
1,388.8
1,283.9
1,153.7
1,014.7
1,002.1
1,116.1
1,002.5
1,237.5
Other Liabilities (Miscellaneous)
1,715.9
2,136.4
1,191.7
1,873.2
2,026.5
1,881.3
1,818.3
1,949.9
1,466.7
Total Liabilities
100,171.8
94,886.2
89,991.8
90,384.3
90,330.2
85,571.3
85,494.9
85,529.1
81,642.2
Capital and Reserves
8,796.0
8,416.5
7,724.3
7,246.1
6,834.2
6,605.0
6,332.3
6,139.1
5,938.7
Capital
5,787.5
5,787.5
5,787.5
3,618.6
3,618.6
3,618.6
3,618.6
3,618.6
3,618.6
Charter Capital
5,821.7
5,821.7
5,821.7
3,652.8
3,652.8
3,652.8
3,652.8
3,652.8
3,652.8
Reserves
751.3
751.3
751.3
751.3
573.8
573.8
573.8
573.8
487.7
Foreign Exchange Differences
-37.3
—
-64.0
-50.3
-55.4
—
8.1
-18.3
10.5
Undistributed Earnings after Tax/Accumulated Loss
2,294.5
1,877.7
1,249.5
2,926.5
2,697.2
2,412.5
2,131.8
1,965.0
1,821.9
Total Liabilities and Equity
108,967.8
103,302.7
97,716.1
97,630.5
97,164.4
92,176.3
91,827.2
91,668.2
87,580.9
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Receipts from Interest and Similar Income
2,178.1
1,837.9
2,396.6
1,606.5
2,143.3
2,134.7
1,664.7
1,830.9
1,525.5
Payments for Interest and Similar Expenses
-1,521.8
-1,081.5
-1,058.4
-976.8
-1,126.1
-1,114.9
-834.9
-1,125.6
-1,450.2
Receipts from Fee and Commission Income
92.3
405.5
164.1
148.7
159.5
147.3
99.2
120.8
113.1
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities
54.9
65.5
33.3
33.1
21.0
48.3
5.9
-2.7
16.1
Receipts from Other Income
-4.3
4.4
6.7
7.2
-7.6
11.9
0.6
-0.3
-2.8
Receipts from Collection of Written-off Debts
43.0
124.2
51.1
110.6
111.3
87.1
41.3
48.7
30.1
Payments for Staff Costs and Operating Expenses
-490.5
-629.0
-427.5
-401.6
-435.2
-450.0
-383.2
-454.4
-340.4
Corporate Income Tax Paid
-230.7
-98.4
-90.1
-51.9
-106.6
-35.2
-54.6
-30.5
-46.0
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities
121.0
628.6
1,075.8
475.8
759.5
829.3
539.1
386.9
-154.7
(Increase)/Decrease in Trading Securities and Investment Securities
1.5
1.5
-43.8
253.5
-250.6
795.4
-239.7
2,233.6
-2,384.3
(Increase)/Decrease in Derivatives and Other Financial Assets
214.2
-224.5
—
—
—
—
—
—
—
(Increase)/Decrease in Loans and Advances to Customers
-1,647.3
-665.3
-1,375.4
-1,588.2
-6,526.9
-364.4
-1,246.5
-6,428.3
-1,609.7
(Decrease)/Increase in Provisions for Damages
-126.8
-51.2
-201.0
-216.6
-161.0
-182.4
-92.5
-108.3
-82.7
(Increase)/Decrease in Other Operating Assets
-1,269.2
353.6
1,423.0
205.8
-254.1
-1,621.1
700.5
-270.1
-218.8
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions
4,787.7
4,265.2
1,544.3
-2,201.8
-2,857.8
-4,138.8
-1,502.1
1,443.2
1,204.4
Increase/(Decrease) in Deposits from Customers
1,127.0
1,113.2
-2,276.3
2,083.9
7,568.1
3,380.7
1,654.9
2,147.2
-658.8
Increase/(Decrease) in Valuable Papers Issued
—
—
—
256.3
-102.6
800.1
0.0
-31.6
-199.4
Increase/(Decrease) in Funds Received from Government and Institutions
-0.5
-1,508.5
1,055.2
—
—
—
—
—
—
Increase/(Decrease) in Derivatives and Other Financial Liabilities
—
-25.1
-10.8
-70.0
-6.5
85.5
-169.0
80.0
90.6
Increase/(Decrease) in Other Operating Liabilities
-200.9
885.5
-728.4
-145.1
57.0
155.8
-331.8
406.9
274.0
Net Cash Flows from Operating Activities
3,006.8
4,772.9
308.9
-946.4
-1,774.9
-259.9
-687.2
-140.6
-3,739.2
Purchase of Fixed Assets
-31.5
-12.0
6.5
-2.8
-34.0
-2.0
-78.5
0.6
-12.1
Receipts from Disposal of Fixed Assets
—
-6.1
—
7.5
—
0.1
0.0
0.1
0.5
Net Cash Flows from Investing Activities
-28.3
-10.6
-1.0
4.6
-34.0
-1.9
-78.5
0.7
-11.6
Net Cash Flows during the Period
2,978.4
4,762.3
307.9
-941.8
-1,808.9
-261.8
-765.7
-139.9
-3,750.8
Cash and Cash Equivalents at Beginning of the Period
22,569.9
17,743.6
17,449.4
18,386.1
20,250.5
20,520.4
21,259.7
21,428.5
25,168.8
Exchange Difference due to Re-valuation of Ending Balances