OCB

Ngân hàng TMCP Phương Đông ·HOSE ·2026Q1

▼ FUNDING UNDER PRESSURE

Operations are weakening LDR 89.1%, -1.8 pp QoQ
Price
11,550
Latest close
02 Jun 2026
P/B 0.9x
ROAE (TTM) 12.8%
NIM (TTM) 3.2%
ROAA (TTM) 1.4%
LDR 89.1%

Bank Picture

OCB bank opening narrative plan rendered.

Market funding share
45.3%
+1.0 pp QoQ
Funding cost
4.33%
+0.4 pp YoY
Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Net Interest Income 2.382,7 2.481,9 2.424,2 2.179,1 2.163,6 2.654,7 2.064,7 1.986,6 1.900,7
NII Growth YoY +10% −7% +17% +10% +14%
NIM 3,16% 3,23% 3,42% 3,50% 3,60% 3,54%
Net Fee Income 158,5 397,8 185,5 296,6 130,7 462,6 198,7 150,1 119,5
Provision Expense 489,0 1.029,5 323,7 633,5 378,0 703,2 933,2 418,7 204,0
Net Profit After Tax 975,2 1.295,5 1.227,9 792,9 712,5 1.156,3 347,2 717,0 953,6
Net Income Growth YoY +37% +12% +254% +11% −25%

Drivers of OCB'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 1,107.3bn
Net interest income +VND 598.5bn
Investment securities +VND 168.4bn
Net fee income +VND 96.2bn
FX & gold trading +VND 95.8bn
Corporate income tax +VND 332.6bn
TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher net interest income. Supporting and offsetting drivers:

Net interest income +VND 219.2bn
Investment securities +VND 93.8bn
FX & gold trading +VND 79.9bn
Other income +VND 40.0bn
Net fee income +VND 27.8bn
Provision for credit losses +VND 111.0bn

Financial Highlights

Detailed analysis of each financial dimension

Is credit clean?

very positive positive stable watch under pressure

Credit Quality

Is asset quality deteriorating?

Credit reading still relies mainly on credit cost, now at 0.83% 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 1.96%. LDR stands at 89.1%.

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 0.83% −0.0pp
Reserve / Gross loans 1.96% +0.2pp
LDR 89.1% −1.8pp

2026Q1

Is interest margin sustainable?

Interest Margin Quality

Is spread coming under pressure?

Spread deserves closer monitoring because funding cost is already at 4.33%, even if pressure is not yet as severe as in clearer compression cases. This suggests spread is under pressure mainly because funding costs are rising.

In the period, NIM reached 3.16%, −0.4pp YoY; asset yield was 7.49%, −0.0pp; while funding cost was 4.33%, +0.4pp. This suggests spread is under pressure from both softer asset yields and rising funding costs.

Watchpoints

Spread compression in progress

Spread is under pressure mainly because funding costs are rising.

Funding cost is elevated

Funding cost is 4.33%, pressuring net interest margin.

Key signals

NIM 3.16% −0.4pp
Asset yield 7.49% −0.0pp
Funding cost 4.33% +0.4pp

2026Q1

Earnings Mix

Is profit coming from core or supporting income sources?

Earnings mix currently looks balanced. 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 78.5% of toi, fee income is 8.6% of toi, other income is 12.0% of toi, cir stands at 34.9%, net profit equals 35.6% 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.

Key signals

NII / TOI 78.5% −1.1pp
Fee / TOI 8.6% −0.1pp
Other income / TOI 12.0% −0.1pp
CIR 34.9% −1.3pp

2026Q1

Is liquidity safe?

Funding & Liquidity

Are funding and capital buffers sufficiently safe?

Funding structure deserves closer monitoring, with market funding at 45.3% of interest-bearing funding.

Ldr stands at 89.1%, equity equals 10.1% of assets, customer funding accounts for 54.7% of interest-bearing funding, market funding accounts for 45.3%.

Watchpoints

Market funding dependence is high

Market funding now accounts for 45.3% of interest-bearing funding.

Key signals

LDR 89.1% −1.8pp
Equity / Assets 10.1% −0.4pp
Customer funding 54.7% −1.0pp
Market funding 45.3% +1.0pp

2026Q1

Profitability Quality

What is sustaining current profitability?

Profitability currently looks balanced, with ROAA at 1.36% and ROAE at 12.76%.

Net income on average earning assets is 1.43%, nim stands at 3.16%, credit cost is 0.83%, cir stands at 34.9%, average leverage is around 9.41 times.

Key signals

ROAA 1.36% +0.0pp
ROAE 12.76% +0.5pp
NI / Avg EA 1.43% +0.0pp
Quarterly provision VND 489bn −52.5% QoQ

2026Q1

Investment Takeaway

OCB 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
9,248.8 8,606.7
Net Fee and Commission Income
1,010.6 931.0
Operating Expenses
4,202.6 3,803.8
Operating Profit before Provision for Credit Losses
7,387.2 6,265.3
Provision for Credit Losses
2,364.7 2,259.0
Profit Before Tax
5,022.4 4,006.3
Net Profit After Tax
4,010.1 3,173.4
Net Profit Attributable to the Equity Holders of the Bank
4,010.1 3,173.4
Earnings per Share
1,494.00 1,277.00

Explore Other Stocks In The Same Sector

MBB, TCB, VPB, HDB, ACB, SHB, LPB, TPB, VIB, STB, MSB, SSB, NAB, ABB, KLB, VAB, VBB, BAB, EIB, PGB, BVB, SGB, NVB

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.