Credit reading still relies mainly on credit cost, and that signal has softened modestly: credit cost rose +0.1pp to 0.66%.
Reserve buffer on gross loans is around 1.31%. LDR stands at 82.6%.
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
0.66%
+0.1pp
Reserve / Gross loans
1.31%
+0.0pp
LDR
82.6%
+10.5pp
2026Q1
Is interest margin sustainable?
Interest Margin Quality
▼▼
Is spread coming under pressure?
NIM should be watched more closely, currently at 1.86%.
In the period, NIM reached 1.86%; asset yield was 6.92%; while funding cost was 5.06%. This suggests spread is not yet showing a clearly deteriorating pattern.
Watchpoints
NIM is in a low zone
NIM stands at 1.86%, leaving less room on spread.
Funding cost is elevated
Funding cost is 5.06%, pressuring net interest margin.
Key signals
NIM
1.86%
—
Asset yield
6.92%
—
Funding cost
5.06%
—
2026Q1
Earnings Mix
▼▼
Is profit coming from core or supporting income sources?
Earnings mix should not be read as balanced, with CIR at 67.9% and only a very thin share of operating income left as bottom-line profit.
Nii accounts for 85.1% of toi, fee income is 8.6% of toi, other income is 2.1% of toi, cir stands at 67.9%, net profit equals 2.1% of toi.
Watchpoints
CIR is elevated
CIR stands at 67.9%, suggesting cost discipline still needs work.
Key signals
NII / TOI
85.1%
−1.2pp
Fee / TOI
8.6%
+1.7pp
Other income / TOI
2.1%
—
CIR
67.9%
−6.5pp
2026Q1
Is liquidity safe?
Funding & Liquidity
●
Are funding and capital buffers sufficiently safe?
Liquidity still looks fairly roomy, with LDR only at 82.6% and funding still led mainly by customer balances.
Ldr stands at 82.6%, equity equals 8.0% of assets, customer funding accounts for 86.3% of interest-bearing funding, market funding accounts for 13.7%.
Key signals
LDR
82.6%
+10.5pp
Equity / Assets
8.0%
−0.3pp
Customer funding
86.3%
−0.6pp
Market funding
13.7%
+0.6pp
2026Q1
Profitability Quality
▼▼
What is sustaining current profitability?
Profitability should be watched more closely, with ROAA at 0.04% and ROAE at 0.65%.
Net income on average earning assets is 0.05%, nim stands at 1.86%, credit cost is 0.66%, cir stands at 67.9%, average leverage is around 15.18 times.
Watchpoints
ROAA is low
ROAA stands at 0.04%, suggesting returns on assets are still soft.
ROAE should be watched
ROAE currently stands at 0.65%.
Key signals
ROAA
0.04%
—
ROAE
0.65%
—
NI / Avg EA
0.05%
—
Quarterly provision
VND 298bn
−29.3% QoQ
2026Q1
Investment Takeaway
NVB bank investment takeaway — provision dominated. [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
8,777.4
2,928.7
Interest Expense and Similar Expenses
6,406.0
4,710.9
Net Interest Income
2,371.4
-1,782.2
Fee and Commission Income
363.4
165.4
Fee and Commission Expenses
174.6
90.5
Net Fee and Commission Income
188.8
75.0
Net Gain/(Loss) from Foreign Currencies and Gold Trading
102.1
125.5
Net Gain/(Loss) from Investment Securities
36.7
131.4
Other Income
270.3
67.7
Other Expenses
221.5
89.9
Net Other Income
48.7
-22.2
Operating Expenses
2,043.8
3,392.0
Operating Profit before Provision for Credit Losses
703.9
-4,864.5
Provision for Credit Losses
702.4
263.5
Profit Before Tax
1.6
-5,128.1
Current Corporate Income Tax Expense
1.5
0.8
Corporate Income Tax
1.5
0.8
Net Profit After Tax
0.1
-5,128.9
Net Profit Attributable to the Equity Holders of the Bank
0.1
-5,128.9
Earnings per Share
0.00
-8,394.00
Item
2025
2024
Cash, Gold and Precious Stones
226.3
296.6
Balances with the State Bank of Vietnam
14,455.2
3,507.3
Placements at and Loans to Other Credit Institutions
24,308.1
15,073.9
Placements at Other Credit Institutions
24,008.1
15,073.9
Loans to Other Credit Institutions
300.0
—
Derivatives and Other Financial Assets
14.2
—
Loans, Advances and Finance Leases to Customers
96,302.8
69,978.4
Loans, Advances and Finance Leases to Customers (Gross)
97,544.6
71,174.7
Provision for Losses on Loans, Advances and Finance Leases to Customers
-1,241.8
-1,196.3
Investment Securities
21,541.0
18,718.3
Available-for-sale Securities
2,412.1
4,550.3
Held-to-maturity Securities
19,233.4
14,325.5
Provision for Diminution in Value of Investment Securities
-104.5
-157.5
Capital Contribution and Other Long-term Investments
316.0
371.2
Other Long-term Investments
719.6
719.6
Provision for Diminution in Value of Long-term Investments
-403.6
-348.4
Fixed Assets
799.8
922.1
Tangible Fixed Assets
233.6
208.6
Tangible Fixed Assets Cost
426.8
397.1
Accumulated Depreciation of Tangible Fixed Assets
-193.2
-188.5
Intangible Fixed Assets
566.2
713.5
Intangible Fixed Assets Cost
639.9
849.4
Accumulated Depreciation of Intangible Fixed Assets
-73.8
-135.9
Other Assets
5,651.7
9,630.8
Accounts Receivables
2,959.8
8,192.9
Interest and Fee Receivables
1,188.2
499.5
Other Assets (Miscellaneous)
3,159.7
2,617.8
Provision for Risks in Other Assets
-1,656.0
-1,679.4
Total Assets
163,615.0
118,498.7
Due to Government and Borrowings from the State Bank of Vietnam
1,545.1
—
Placements and Borrowings from Other Credit Institutions
13,003.5
10,036.5
Placements from Other Credit Institutions
12,733.5
10,036.5
Borrowings from Other Credit Institutions
270.0
—
Deposits from Customers
127,403.4
96,117.2
Derivatives and Other Financial Liabilities
—
86.3
Funds Received from Government and Institutions, Trust Investments and Syndicated Loans
7.4
11.2
Valuable Papers Issued
6,210.8
4,304.6
Other Liabilities
1,851.8
1,850.1
Interest and Fee Payables
1,457.5
1,186.0
Other Liabilities (Miscellaneous)
394.3
664.1
Total Liabilities
150,022.1
112,405.9
Capital and Reserves
13,592.9
6,092.8
Capital
19,250.0
11,750.0
Charter Capital
19,279.8
11,779.8
Share Premium
-0.2
-0.2
Reserves
106.6
106.6
Undistributed Earnings after Tax/Accumulated Loss
-5,763.6
-5,763.7
Total Liabilities and Equity
163,615.0
118,498.7
Item
2025
2024
Receipts from Interest and Similar Income
8,095.1
6,004.0
Payments for Interest and Similar Expenses
-6,111.4
-5,327.7
Receipts from Fee and Commission Income
189.9
71.8
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities
138.8
335.3
Receipts from Other Income
-5.6
-28.8
Receipts from Collection of Written-off Debts
11.6
1.5
Payments for Staff Costs and Operating Expenses
-1,438.1
-1,209.7
Corporate Income Tax Paid
-1.5
-0.2
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities
878.8
-153.8
(Increase)/Decrease in Placements with and Loans to Other Credit Institutions
-10,820.0
—
(Increase)/Decrease in Trading Securities and Investment Securities
-2,769.7
-5,486.1
(Increase)/Decrease in Derivatives and Other Financial Assets
-14.2
—
(Increase)/Decrease in Loans and Advances to Customers
-26,369.9
-15,830.5
(Decrease)/Increase in Provisions for Damages
-1,499.2
-275.2
(Increase)/Decrease in Other Operating Assets
5,162.0
1,816.9
Increase/(Decrease) in Due to Government and Borrowings from State Bank
1,545.1
—
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions
2,967.1
1,006.1
Increase/(Decrease) in Deposits from Customers
31,286.3
19,267.0
Increase/(Decrease) in Valuable Papers Issued
1,906.2
763.6
Increase/(Decrease) in Funds Received from Government and Institutions
-3.8
-5.5
Increase/(Decrease) in Derivatives and Other Financial Liabilities
-86.3
59.9
Increase/(Decrease) in Other Operating Liabilities
-271.1
403.4
Payments from Reserves
—
-51.0
Net Cash Flows from Operating Activities
1,911.2
1,514.9
Purchase of Fixed Assets
-131.7
-185.0
Receipts from Disposal of Fixed Assets
206.1
1.6
Payments for Disposal of Fixed Assets
-193.9
-2.4
Net Cash Flows from Investing Activities
-119.5
-185.7
Receipts from Equity Issue and Owner Capital Contribution
7,500.0
6,178.1
Receipts from Issue of Valuable Papers and Other Long-term Borrowings
—
374.1
Net Cash Flows from Financing Activities
7,500.0
6,552.2
Net Cash Flows during the Period
9,291.7
7,881.4
Cash and Cash Equivalents at Beginning of the Period
18,877.9
10,996.5
Cash and Cash Equivalents at End of the Period
28,169.5
18,877.9
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Interest Income and Similar Income
2,941.5
2,215.9
2,445.4
2,274.9
1,841.2
-1,285.2
1,435.4
1,355.1
1,423.4
Interest Expense and Similar Expenses
2,149.5
1,792.3
1,760.2
1,517.2
1,336.3
1,265.7
1,161.1
1,082.2
1,201.8
Net Interest Income
792.0
423.6
685.2
757.7
504.9
-2,551.0
274.2
272.9
221.6
Fee and Commission Income
159.8
86.6
106.5
112.1
58.1
46.9
25.8
66.0
26.7
Fee and Commission Expenses
51.6
58.4
44.4
42.9
28.8
34.8
12.6
22.5
20.6
Net Fee and Commission Income
108.2
28.2
62.1
69.2
29.3
12.1
13.2
43.5
6.1
Net Gain/(Loss) from Foreign Currencies and Gold Trading
42.8
22.9
0.5
45.2
33.5
34.2
38.0
29.2
24.2
Net Gain/(Loss) from Investment Securities
0.0
0.1
0.2
18.6
17.9
4.9
4.3
53.7
68.5
Other Income
37.3
19.3
145.0
16.0
90.0
11.7
6.4
44.3
5.2
Other Expenses
7.4
9.0
132.1
3.1
77.2
36.9
3.6
36.5
12.9
Net Other Income
29.8
10.3
12.8
12.8
12.8
-25.1
2.8
7.8
-7.6
Operating Expenses
459.0
717.0
464.1
480.8
381.9
2,380.5
360.6
306.1
344.8
Operating Profit before Provision for Credit Losses
513.9
-231.8
296.7
422.7
216.3
-4,905.4
-28.0
100.9
-32.0
Provision for Credit Losses
297.5
420.9
105.4
111.2
64.9
165.0
36.8
51.8
9.9
Profit Before Tax
216.4
-652.6
191.3
311.5
151.4
-5,070.4
-64.8
49.1
-41.9
Current Corporate Income Tax Expense
0.3
-0.7
1.5
0.0
0.6
-0.9
0.6
1.1
—
Corporate Income Tax
0.3
-0.7
1.5
0.0
0.6
-0.9
0.6
1.1
—
Net Profit After Tax
216.0
-652.0
189.8
311.5
150.8
-5,069.6
-65.4
47.9
-41.9
Net Profit Attributable to the Equity Holders of the Bank
216.0
-652.0
189.8
311.5
150.8
-5,069.6
-65.4
47.9
-41.9
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Cash, Gold and Precious Stones
238.9
226.3
214.0
366.9
382.4
296.6
277.4
238.8
266.0
Balances with the State Bank of Vietnam
2,531.3
14,455.2
2,170.6
2,707.7
3,013.6
3,507.3
1,711.4
1,841.0
1,841.2
Placements at and Loans to Other Credit Institutions
26,867.3
24,308.1
25,544.4
21,960.5
17,916.6
15,073.9
12,381.8
8,253.9
8,030.0
Placements at Other Credit Institutions
26,567.3
24,008.1
25,244.4
21,960.5
17,916.6
15,073.9
12,381.8
8,253.9
8,030.0
Loans to Other Credit Institutions
300.0
300.0
300.0
—
—
—
—
—
—
Derivatives and Other Financial Assets
6.8
14.2
—
—
0.8
—
—
—
—
Loans, Advances and Finance Leases to Customers
115,345.6
96,302.8
93,642.4
85,556.8
76,816.3
69,978.4
63,239.3
63,041.2
57,286.3
Loans, Advances and Finance Leases to Customers (Gross)
116,876.3
97,544.6
94,956.4
86,834.6
78,041.4
71,174.7
64,380.6
64,198.7
58,376.1
Provision for Losses on Loans, Advances and Finance Leases to Customers
-1,530.8
-1,241.8
-1,314.0
-1,277.8
-1,225.1
-1,196.3
-1,141.3
-1,157.5
-1,089.8
Investment Securities
21,455.3
21,541.0
20,691.3
20,971.3
21,464.1
18,718.3
13,316.9
10,764.9
11,604.3
Available-for-sale Securities
2,413.1
2,412.1
2,411.2
2,213.5
5,101.3
4,550.3
5,327.1
6,441.1
6,426.9
Held-to-maturity Securities
19,155.6
19,233.4
18,384.9
18,910.7
16,515.8
14,325.5
8,068.9
4,402.9
5,351.8
Provision for Diminution in Value of Investment Securities
-113.4
-104.5
-104.8
-153.0
-153.0
-157.5
-79.2
-79.2
-174.4
Capital Contribution and Other Long-term Investments
316.0
316.0
371.2
371.2
371.2
371.2
654.7
654.7
654.7
Other Long-term Investments
719.6
719.6
719.6
719.6
719.6
719.6
719.6
719.6
719.6
Provision for Diminution in Value of Long-term Investments
-403.6
-403.6
-348.4
-348.4
-348.4
-348.4
-64.9
-64.9
-64.9
Fixed Assets
797.8
799.8
784.1
902.2
857.0
922.1
784.0
775.3
783.5
Tangible Fixed Assets
226.3
233.6
229.4
235.2
200.2
208.6
167.2
161.6
167.3
Tangible Fixed Assets Cost
428.7
—
—
—
—
—
—
—
—
Accumulated Depreciation of Tangible Fixed Assets
-202.4
—
—
—
—
—
—
—
—
Intangible Fixed Assets
571.5
566.2
554.7
667.1
656.8
713.5
616.8
613.6
616.2
Intangible Fixed Assets Cost
650.2
—
—
—
—
—
—
—
—
Accumulated Depreciation of Intangible Fixed Assets
-78.7
—
—
—
—
—
—
—
—
Other Assets
5,944.6
5,651.8
10,683.8
11,217.0
10,060.9
9,630.8
16,487.7
17,742.3
15,934.3
Accounts Receivables
3,107.4
2,960.0
8,831.5
9,097.6
8,344.5
8,128.4
10,444.0
11,616.1
9,868.1
Interest and Fee Receivables
1,384.8
1,188.1
793.1
791.5
626.6
499.5
3,765.0
3,862.1
3,835.2
Other Assets (Miscellaneous)
3,108.4
3,159.7
2,712.9
3,011.4
2,769.2
2,682.3
2,500.9
2,483.4
2,450.3
Provision for Risks in Other Assets
-1,656.0
-1,656.0
-1,653.6
-1,683.6
-1,679.4
-1,679.4
-222.2
-219.3
-219.3
Total Assets
173,503.7
163,615.0
154,101.8
144,053.6
130,882.9
118,498.7
108,853.3
103,312.1
96,400.2
Due to Government and Borrowings from the State Bank of Vietnam
1,237.7
1,545.1
—
861.3
856.0
—
—
—
—
Placements and Borrowings from Other Credit Institutions
16,710.8
13,003.5
18,217.1
14,161.6
14,940.9
10,036.5
7,918.5
7,930.8
6,525.1
Placements from Other Credit Institutions
16,510.8
12,733.5
17,477.1
13,691.6
14,740.9
10,036.5
7,532.4
7,528.6
6,525.1
Borrowings from Other Credit Institutions
200.0
270.0
740.0
470.0
200.0
—
386.1
402.1
—
Deposits from Customers
134,918.8
127,403.4
119,325.8
115,244.8
102,527.9
96,117.2
90,355.1
85,413.0
80,160.4
Derivatives and Other Financial Liabilities
—
—
100.0
75.4
—
86.3
91.0
166.8
143.4
Funds Received from Government and Institutions, Trust Investments and Syndicated Loans
6.6
7.4
8.1
9.1
10.0
11.2
12.4
13.4
15.2
Valuable Papers Issued
4,790.6
6,210.8
7,530.8
5,403.3
4,760.4
4,304.6
4,098.8
3,186.4
2,843.8
Other Liabilities
2,030.3
1,851.9
2,175.1
1,743.2
1,544.1
1,850.1
1,342.2
1,501.0
1,659.4
Interest and Fee Payables
1,790.4
1,457.5
1,375.3
1,117.7
1,094.8
1,186.0
1,154.9
1,194.8
1,505.4
Other Liabilities (Miscellaneous)
239.9
394.4
799.9
625.4
449.3
664.1
187.2
306.2
154.0
Total Liabilities
159,694.7
150,022.1
147,356.9
137,498.6
124,639.3
112,405.9
103,818.0
98,211.4
91,347.4
Capital and Reserves
13,809.0
13,592.9
6,744.9
6,555.1
6,243.6
6,092.8
5,035.3
5,100.7
5,052.8
Capital
19,250.0
19,250.0
11,750.0
11,750.0
11,750.0
11,750.0
5,571.9
5,571.9
5,571.9
Charter Capital
19,279.8
19,279.8
11,779.8
11,779.8
11,779.8
11,779.8
5,601.6
5,601.6
5,601.6
Share Premium
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
—
—
—
Reserves
106.6
106.6
106.6
106.6
106.6
106.6
157.5
157.5
157.5
Undistributed Earnings after Tax/Accumulated Loss
-5,547.6
-5,763.6
-5,111.6
-5,301.5
-5,612.9
-5,763.7
-694.1
-628.7
-676.7
Total Liabilities and Equity
173,503.7
163,615.0
154,101.8
144,053.6
130,882.9
118,498.7
108,853.3
103,312.1
96,400.2
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
2,786.9
1,826.8
2,443.5
2,116.5
1,708.2
1,962.0
1,510.3
1,302.4
1,229.3
Payments for Interest and Similar Expenses
-1,747.2
-1,701.3
-1,485.9
-1,496.7
-1,427.5
-1,125.9
-1,204.5
-1,392.2
-1,605.2
Receipts from Fee and Commission Income
98.8
30.0
68.5
62.4
29.0
10.8
11.2
43.7
6.1
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities
42.8
23.0
5.1
63.8
46.8
117.4
42.3
186.4
-10.8
Receipts from Other Income
-75.7
-11.7
-25.6
11.2
20.4
-116.3
30.8
33.1
23.6
Receipts from Collection of Written-off Debts
4.6
6.1
1.5
4.0
0.0
1.1
0.0
0.4
—
Payments for Staff Costs and Operating Expenses
-308.3
-496.3
-324.3
-344.0
-273.5
-488.2
-256.8
-212.4
-252.2
Corporate Income Tax Paid
—
-0.2
-1.3
—
—
-0.2
0.0
0.0
-0.0
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities
801.9
-323.5
681.5
417.3
103.5
360.7
133.3
-38.7
-609.2
(Increase)/Decrease in Placements with and Loans to Other Credit Institutions
4,360.6
-6,300.0
-1,300.0
-3,220.0
—
—
—
—
—
(Increase)/Decrease in Trading Securities and Investment Securities
76.8
-849.5
-1,171.8
1,992.8
-2,741.3
-5,479.7
-2,552.1
-365.3
2,911.0
(Increase)/Decrease in Derivatives and Other Financial Assets
7.4
-13.4
—
—
-0.8
—
—
—
—
(Increase)/Decrease in Loans and Advances to Customers
-19,331.7
-2,588.2
-8,121.8
-8,793.3
-6,866.6
-6,794.2
-181.9
-5,822.6
-3,031.8
(Decrease)/Increase in Provisions for Damages
-288.7
-909.9
-490.2
-58.5
-40.6
-36.9
-50.0
-84.7
-103.5
(Increase)/Decrease in Other Operating Assets
57.5
5,696.1
899.0
-1,111.8
-321.3
1,923.2
1,060.4
-1,957.0
790.3
Increase/(Decrease) in Due to Government and Borrowings from State Bank
-307.4
683.8
—
5.3
856.0
—
—
—
—
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions
3,707.3
-5,213.6
4,055.5
-779.4
4,904.5
2,117.9
-12.2
1,405.6
-2,505.2
Increase/(Decrease) in Deposits from Customers
7,515.3
8,077.6
4,081.0
12,716.9
6,410.7
5,762.1
4,942.1
5,252.6
3,310.2
Increase/(Decrease) in Valuable Papers Issued
-1,420.2
-851.9
2,132.7
618.2
7.1
-168.3
912.5
342.6
-323.1
Increase/(Decrease) in Funds Received from Government and Institutions
-0.8
-0.7
-1.0
-0.9
-1.1
-1.2
-1.1
-1.8
-1.4
Increase/(Decrease) in Derivatives and Other Financial Liabilities
—
-100.0
24.6
75.4
-86.3
-4.7
-75.8
23.4
117.0
Increase/(Decrease) in Other Operating Liabilities
-154.4
-406.5
173.6
175.8
-214.1
476.2
-116.4
147.1
-103.5
Payments from Reserves
—
—
—
—
—
-51.0
—
—
—
Net Cash Flows from Operating Activities
-4,976.4
-2,239.0
101.9
2,038.6
2,009.6
-1,895.8
4,058.7
-1,098.8
450.8
Purchase of Fixed Assets
-14.0
-31.6
-17.0
-61.1
-21.9
-149.9
-21.7
-3.8
-9.5
Receipts from Disposal of Fixed Assets
0.0
0.2
134.2
0.4
71.2
0.9
0.2
0.3
0.2
Payments for Disposal of Fixed Assets
—
-0.9
-120.0
-0.1
-72.9
-0.1
-0.4
-1.0
-0.9
Net Cash Flows from Investing Activities
-14.0
-32.3
-2.8
-60.8
-23.5
-149.1
-21.9
-4.6
-10.2
Receipts from Equity Issue and Owner Capital Contribution
—
7,500.0
—
—
—
6,178.1
—
—
—
Receipts from Issue of Valuable Papers and Other Long-term Borrowings
—
—
0.0
30.6
448.6
374.1
—
—
—
Net Cash Flows from Financing Activities
—
7,031.8
-5.2
24.7
448.6
6,552.2
—
—
—
Net Cash Flows during the Period
-4,990.4
4,760.5
93.9
2,002.5
2,434.7
4,507.3
4,036.8
-1,103.4
440.7
Cash and Cash Equivalents at Beginning of the Period