NAB

Ngân hàng TMCP Nam Á ·HOSE ·2026Q1

▼ FUNDING UNDER PRESSURE

Operations are weakening LDR 91.3%, -1.3 pp QoQ
Price
11,950
Latest close
03 Jun 2026
P/B 0.8x
ROAE (TTM) 20.1%
NIM (TTM) 2.7%
ROAA (TTM) 1.3%
LDR 91.3%

Bank Picture

NAB bank opening narrative plan rendered.

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Net Interest Income 2.053,7 2.327,6 2.054,8 2.122,1 2.112,2 2.011,6 2.000,3 2.208,9 1.717,0
NII Growth YoY −3% +16% +3% −4% +23%
NIM 2,65% 2,66% 2,79% 3,11% 3,57% 3,52%
Net Fee Income 149,7 135,4 173,7 151,9 127,1 138,9 119,9 93,6 208,6
Provision Expense −233,6 1.252,6 356,3 614,4 240,1 −44,7 214,6 242,3 108,7
Net Profit After Tax 1.308,5 1.140,1 1.031,3 1.034,7 976,1 966,8 870,4 971,7 798,2
Net Income Growth YoY +34% +18% +18% +6% +22%

Drivers of NAB's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher other income. Supporting and offsetting drivers:

Other income +VND 1,635.9bn
Net interest income +VND 225.1bn
Investment securities +VND 222.0bn
Net fee income +VND 131.3bn
Operating expenses −VND 53.0bn
Provision for credit losses +VND 1,337.5bn
TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower provision for credit losses. Supporting and offsetting drivers:

Provision for credit losses −VND 473.6bn
Investment securities +VND 70.4bn
Net fee income +VND 22.6bn
Other income +VND 0.5bn
Corporate income tax +VND 82.9bn
Operating expenses +VND 68.3bn

Financial Highlights

Detailed analysis of each financial dimension

Is credit clean?

very positive positive stable watch under pressure

Credit Quality

Is asset quality deteriorating?

Direct credit reading is still thin, but reserve buffer is the more notable signal now, having slipped to 1.03% of gross loans.

Reserve buffer on gross loans is around 1.03%. LDR stands at 91.3%.

Credit reading currently relies mainly on credit cost and reserve buffer; NPL, group-2, and bad-debt coverage signals will be added next.

Watchpoints

Reserve buffer thinning

Provision-to-gross-loans is declining quarter over quarter, suggesting a thinner loss-absorbing reserve buffer.

Key signals

Credit cost 0.62% −0.1pp
Reserve / Gross loans 1.03% −0.1pp
LDR 91.3% −1.3pp

2026Q1

Is interest margin sustainable?

Interest Margin Quality

Is spread coming under pressure?

Spread is under pressure from funding costs, with funding cost at 4.94%. More broadly, spread conditions are becoming less favorable as asset-yield improvement has not kept pace with funding costs.

In the period, NIM reached 2.65%, −0.9pp YoY; asset yield was 7.59%, −0.1pp; while funding cost was 4.94%, +0.8pp. This suggests spread is under pressure from both softer asset yields and rising funding costs.

Watchpoints

Spread compression in progress

Spread is under pressure from both sides, with softer asset yields and rising funding costs.

Funding cost is elevated

Funding cost is 4.94%, pressuring net interest margin.

Key signals

NIM 2.65% −0.9pp
Asset yield 7.59% −0.1pp
Funding cost 4.94% +0.8pp

2026Q1

Earnings Mix

Is profit coming from core or supporting income sources?

Earnings mix should be watched more closely, with non-core income at 17.9% of total operating income. More broadly, the quality of the revenue mix is softening as the share of net interest income falls while fee income remains insufficient or other income becomes more prominent.

Nii accounts for 74.2% of toi, fee income is 5.3% of toi, other income is 17.9% of toi, cir stands at 33.7%, net profit equals 39.1% of toi.

Watchpoints

Income mix quality deteriorating

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.

Non-core income is elevated

Non-core income currently accounts for 17.9% of total operating income.

Key signals

NII / TOI 74.2% −0.6pp
Fee / TOI 5.3% +0.2pp
Other income / TOI 17.9% −0.0pp
CIR 33.7% +0.6pp

2026Q1

Is liquidity safe?

Funding & Liquidity

Are funding and capital buffers sufficiently safe?

Capital buffer is the key watchpoint, with equity only at 6.0% of ending assets.

Ldr stands at 91.3%, equity equals 6.0% of assets, customer funding accounts for 49.6% of interest-bearing funding, market funding accounts for 50.4%.

Watchpoints

Capital buffer looks thin

Equity currently accounts for only 6.0% of ending assets.

Market funding dependence is high

Market funding now accounts for 50.4% of interest-bearing funding.

Key signals

LDR 91.3% −1.3pp
Equity / Assets 6.0% +0.4pp
Customer funding 49.6% +1.3pp
Market funding 50.4% −1.3pp

2026Q1

Profitability Quality

What is sustaining current profitability?

Profitability currently looks balanced, with ROAA at 1.34% and ROAE at 20.13%.

Net income on average earning assets is 1.40%, nim stands at 2.65%, credit cost is 0.62%, cir stands at 33.7%, average leverage is around 14.98 times.

Watchpoints

Average leverage is elevated

Average leverage is currently around 14.98 times.

Key signals

ROAA 1.34% +0.1pp
ROAE 20.13% +0.5pp
NI / Avg EA 1.40% +0.1pp
Quarterly provision VND -234bn −118.6% QoQ

2026Q1

Investment Takeaway

NAB 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.]

Statement Data

Item 2025 2024
Net Interest Income
8,616.6 7,937.8
Net Fee and Commission Income
588.2 561.0
Operating Expenses
3,817.8 3,985.8
Operating Profit before Provision for Credit Losses
7,716.9 5,066.3
Provision for Credit Losses
2,463.3 520.9
Profit Before Tax
5,253.5 4,545.4
Net Profit After Tax
4,182.2 3,607.1
Net Profit Attributable to the Equity Holders of the Bank
4,182.2 3,607.1
Earnings per Share
2,438.00 2,702.00

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