Credit reading still relies mainly on credit cost, now at 0.86% 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 1.18%. LDR stands at 83.2%.
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
0.86%
−0.1pp
Reserve / Gross loans
1.18%
−0.0pp
LDR
83.2%
−1.1pp
2026Q1
Is interest margin sustainable?
Interest Margin Quality
▼
Is spread coming under pressure?
Spread deserves closer monitoring because funding cost is already at 5.17%, even if pressure is not yet as severe as in clearer compression cases.
In the period, NIM reached 2.74%, +0.5pp YoY; asset yield was 7.91%, +0.9pp; while funding cost was 5.17%, +0.4pp. This suggests spread is not yet showing a clearly deteriorating pattern.
Watchpoints
Funding cost is elevated
Funding cost is 5.17%, pressuring net interest margin.
Key signals
NIM
2.74%
+0.5pp
Asset yield
7.91%
+0.9pp
Funding cost
5.17%
+0.4pp
2026Q1
Earnings Mix
●
Is profit coming from core or supporting income sources?
Earnings mix currently looks balanced.
Nii accounts for 89.5% of toi, fee income is 4.9% of toi, other income is 5.2% of toi, cir stands at 26.5%, net profit equals 36.7% of toi.
Watchpoints
Fee-income base is thin
Fee income currently contributes only 4.9% of total operating income.
Key signals
NII / TOI
89.5%
−0.9pp
Fee / TOI
4.9%
+0.5pp
Other income / TOI
5.2%
+0.2pp
CIR
26.5%
+0.0pp
2026Q1
Is liquidity safe?
Funding & Liquidity
●
Are funding and capital buffers sufficiently safe?
Funding and liquidity look more balanced, with LDR at 83.2% while customer funding share is improving.
Ldr stands at 83.2%, equity equals 7.4% of assets, customer funding accounts for 81.9% of interest-bearing funding, market funding accounts for 18.1%.
Key signals
LDR
83.2%
−1.1pp
Equity / Assets
7.4%
+0.2pp
Customer funding
81.9%
+1.7pp
Market funding
18.1%
−1.7pp
2026Q1
Profitability Quality
●
What is sustaining current profitability?
Profitability currently looks balanced, with ROAA at 1.05% and ROAE at 14.42%.
Net income on average earning assets is 1.13%, nim stands at 2.74%, credit cost is 0.86%, cir stands at 26.5%, average leverage is around 13.76 times.
Watchpoints
Average leverage is elevated
Average leverage is currently around 13.76 times.
Key signals
ROAA
1.05%
+0.0pp
ROAE
14.42%
+0.7pp
NI / Avg EA
1.13%
+0.0pp
Quarterly provision
VND 12bn
−98.7% QoQ
2026Q1
Investment Takeaway
VAB 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
9,575.8
7,289.6
Interest Expense and Similar Expenses
6,173.9
4,961.9
Net Interest Income
3,401.9
2,327.7
Fee and Commission Income
192.0
163.2
Fee and Commission Expenses
28.4
34.6
Net Fee and Commission Income
163.6
128.6
Net Gain/(Loss) from Foreign Currencies and Gold Trading
25.7
-1.5
Net Gain/(Loss) from Trading Securities
—
-0.0
Net Gain/(Loss) from Investment Securities
-14.2
40.0
Other Income
213.7
178.6
Other Expenses
26.6
19.8
Net Other Income
187.1
158.8
Income from Capital Contribution and Long-term Investments
22.9
8.3
Operating Expenses
972.5
1,021.1
Operating Profit before Provision for Credit Losses
2,814.4
1,640.8
Provision for Credit Losses
1,168.6
555.2
Profit Before Tax
1,645.8
1,085.7
Current Corporate Income Tax Expense
325.8
218.6
Corporate Income Tax
325.8
218.6
Net Profit After Tax
1,320.0
867.0
Net Profit Attributable to the Equity Holders of the Bank
1,320.0
867.0
Earnings per Share
2,106.00
1,606.00
Item
2025
2024
Cash, Gold and Precious Stones
330.7
332.7
Balances with the State Bank of Vietnam
1,130.9
1,307.9
Placements at and Loans to Other Credit Institutions
22,327.7
17,689.0
Placements at Other Credit Institutions
19,627.7
11,889.0
Loans to Other Credit Institutions
2,700.0
5,800.0
Derivatives and Other Financial Assets
201.7
—
Loans, Advances and Finance Leases to Customers
87,680.4
79,157.1
Loans, Advances and Finance Leases to Customers (Gross)
88,741.5
79,915.5
Provision for Losses on Loans, Advances and Finance Leases to Customers
-1,061.1
-758.5
Investment Securities
19,193.8
14,132.5
Available-for-sale Securities
19,193.8
14,146.6
Provision for Diminution in Value of Investment Securities
—
-14.1
Capital Contribution and Other Long-term Investments
68.5
82.6
Other Long-term Investments
83.6
82.6
Provision for Diminution in Value of Long-term Investments
-15.1
—
Fixed Assets
476.8
235.9
Tangible Fixed Assets
328.5
79.5
Tangible Fixed Assets Cost
583.5
319.1
Accumulated Depreciation of Tangible Fixed Assets
-255.1
-239.6
Intangible Fixed Assets
148.3
156.4
Intangible Fixed Assets Cost
277.8
268.6
Accumulated Depreciation of Intangible Fixed Assets
-129.5
-112.1
Other Assets
9,075.0
6,894.3
Accounts Receivables
3,596.2
1,858.9
Interest and Fee Receivables
4,837.4
4,676.8
Other Assets (Miscellaneous)
903.4
726.7
Provision for Risks in Other Assets
-262.0
-368.0
Total Assets
140,485.5
119,832.0
Due to Government and Borrowings from the State Bank of Vietnam
4,735.9
2,089.1
Placements and Borrowings from Other Credit Institutions
19,388.8
14,105.6
Placements from Other Credit Institutions
18,731.4
12,078.4
Borrowings from Other Credit Institutions
657.4
2,027.2
Deposits from Customers
99,079.9
90,289.4
Derivatives and Other Financial Liabilities
—
8.6
Funds Received from Government and Institutions, Trust Investments and Syndicated Loans
20.3
—
Valuable Papers Issued
4,958.8
2,145.0
Other Liabilities
2,146.6
2,337.6
Interest and Fee Payables
1,395.7
1,617.3
Other Liabilities (Miscellaneous)
750.9
720.2
Total Liabilities
130,330.5
110,975.4
Capital and Reserves
10,155.0
8,856.7
Capital
8,163.7
5,399.7
Charter Capital
8,163.6
5,399.6
Share Premium
0.1
0.1
Other Capital
0.0
0.0
Reserves
893.2
620.1
Undistributed Earnings after Tax/Accumulated Loss
1,098.1
2,836.8
Total Liabilities and Equity
140,485.5
119,832.0
Item
2025
2024
Receipts from Interest and Similar Income
9,415.1
10,541.0
Payments for Interest and Similar Expenses
-6,395.6
-5,595.0
Receipts from Fee and Commission Income
163.6
128.6
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities
11.4
38.4
Receipts from Other Income
27.7
65.6
Receipts from Collection of Written-off Debts
162.2
98.3
Payments for Staff Costs and Operating Expenses
-1,007.3
-883.1
Corporate Income Tax Paid
-252.0
-205.2
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities
2,125.2
4,188.6
(Increase)/Decrease in Placements with and Loans to Other Credit Institutions
3,100.0
-2,550.0
(Increase)/Decrease in Trading Securities and Investment Securities
-5,047.2
-6,715.2
(Increase)/Decrease in Derivatives and Other Financial Assets
-8.6
—
(Increase)/Decrease in Loans and Advances to Customers
-8,826.0
-10,856.5
(Decrease)/Increase in Provisions for Damages
-913.5
-544.3
(Increase)/Decrease in Other Operating Assets
-1,925.3
1,396.9
Increase/(Decrease) in Due to Government and Borrowings from State Bank
2,646.8
2,089.1
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions
5,283.3
221.5
Increase/(Decrease) in Deposits from Customers
8,790.5
3,594.6
Increase/(Decrease) in Valuable Papers Issued
2,813.8
1,659.0
Increase/(Decrease) in Funds Received from Government and Institutions
20.3
—
Increase/(Decrease) in Derivatives and Other Financial Liabilities
-201.7
-8.4
Increase/(Decrease) in Other Operating Liabilities
-51.4
-169.4
Payments from Reserves
-4.7
-2.9
Net Cash Flows from Operating Activities
7,801.4
-7,697.1
Purchase of Fixed Assets
-265.2
-26.1
Receipts from Disposal of Fixed Assets
0.6
0.8
Dividends and Profit Received
22.9
8.3
Net Cash Flows from Investing Activities
-241.7
-17.0
Net Cash Flows during the Period
7,559.7
-7,714.1
Cash and Cash Equivalents at Beginning of the Period
13,529.6
21,243.7
Cash and Cash Equivalents at End of the Period
21,089.3
13,529.6
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Interest Income and Similar Income
2,473.8
3,203.6
2,229.6
2,085.5
2,057.1
2,143.5
1,643.1
1,650.6
1,852.4
Interest Expense and Similar Expenses
1,798.3
1,595.4
1,590.9
1,543.2
1,444.5
1,329.9
1,180.6
1,138.5
1,312.9
Net Interest Income
675.5
1,608.3
638.7
542.4
612.5
813.6
462.5
512.1
539.5
Fee and Commission Income
72.9
81.3
33.3
30.9
46.5
48.2
48.4
43.3
23.3
Fee and Commission Expenses
7.1
7.9
6.8
7.3
6.5
8.4
7.6
10.0
8.6
Net Fee and Commission Income
65.9
73.4
26.5
23.6
40.0
39.8
40.8
33.3
14.7
Net Gain/(Loss) from Foreign Currencies and Gold Trading
9.8
12.8
-0.7
9.5
4.0
-13.1
-2.8
4.7
9.8
Net Gain/(Loss) from Trading Securities
—
—
—
—
—
—
—
-0.0
—
Net Gain/(Loss) from Investment Securities
0.1
0.5
-5.4
-9.1
-2.7
22.7
-0.0
-0.1
17.4
Other Income
29.0
82.9
75.5
38.5
16.7
56.3
22.4
38.0
61.9
Other Expenses
4.4
16.6
0.8
4.3
4.9
15.9
1.1
2.5
0.3
Net Other Income
24.6
66.3
74.7
34.2
11.8
40.4
21.4
35.5
61.6
Income from Capital Contribution and Long-term Investments
—
18.0
—
4.9
—
—
8.3
—
—
Operating Expenses
255.8
292.6
236.2
239.5
225.3
233.9
296.8
265.9
228.3
Operating Profit before Provision for Credit Losses
520.0
1,486.8
497.7
366.0
440.4
669.5
233.4
319.6
414.6
Provision for Credit Losses
11.6
914.0
161.9
4.7
87.5
378.0
6.1
-12.3
166.9
Profit Before Tax
508.5
572.7
335.8
361.3
352.9
291.5
227.2
331.9
247.7
Current Corporate Income Tax Expense
100.0
110.9
67.1
78.3
60.0
53.8
41.3
65.0
45.0
Corporate Income Tax
100.0
110.9
67.1
78.3
60.0
53.8
41.3
65.0
45.0
Net Profit After Tax
408.5
461.8
268.6
283.1
292.9
237.7
186.0
266.9
202.7
Net Profit Attributable to the Equity Holders of the Bank
408.5
461.8
268.6
283.1
292.9
237.7
186.0
266.9
202.7
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Cash, Gold and Precious Stones
361.1
330.7
302.4
310.2
307.6
332.7
321.5
335.0
305.3
Balances with the State Bank of Vietnam
589.7
1,130.9
578.3
1,015.5
1,186.6
1,307.9
1,009.2
1,672.4
2,754.9
Placements at and Loans to Other Credit Institutions
18,851.5
22,327.7
19,874.4
18,646.8
17,693.5
17,689.0
17,581.3
14,410.3
13,393.0
Placements at Other Credit Institutions
15,951.5
19,627.7
15,574.4
14,256.8
12,303.5
11,889.0
12,991.3
12,110.3
10,443.0
Loans to Other Credit Institutions
2,900.0
2,700.0
4,300.0
4,390.0
5,390.0
5,800.0
4,590.0
2,300.0
2,950.0
Derivatives and Other Financial Assets
—
201.7
8.9
—
—
—
—
—
—
Loans, Advances and Finance Leases to Customers
89,680.0
87,680.9
85,811.1
86,563.9
84,104.9
79,157.1
76,342.5
72,894.2
70,520.9
Loans, Advances and Finance Leases to Customers (Gross)
90,752.7
88,741.5
86,830.9
87,421.7
84,910.5
79,915.5
77,267.3
73,796.4
71,392.4
Provision for Losses on Loans, Advances and Finance Leases to Customers
-1,072.7
-1,060.6
-1,019.7
-857.8
-805.5
-758.5
-924.8
-902.3
-871.5
Investment Securities
22,670.0
19,193.8
17,743.4
18,759.4
17,780.6
14,132.5
11,704.7
8,233.5
7,483.7
Available-for-sale Securities
22,670.0
19,193.8
17,757.5
18,773.5
17,794.7
14,146.6
11,718.9
8,247.6
7,498.8
Provision for Diminution in Value of Investment Securities
—
—
-14.1
-14.1
-14.1
-14.1
-14.2
-14.2
-15.1
Capital Contribution and Other Long-term Investments
68.5
68.5
76.0
76.0
82.6
82.6
82.6
82.6
82.6
Other Long-term Investments
83.6
83.6
82.6
82.6
82.6
82.6
82.6
82.6
82.6
Provision for Diminution in Value of Long-term Investments
-15.1
-15.1
-6.6
-6.6
—
—
—
—
—
Fixed Assets
474.4
476.8
212.3
219.6
228.5
235.9
243.9
238.5
245.9
Tangible Fixed Assets
327.9
328.5
67.4
70.2
74.6
79.5
83.4
76.2
80.3
Tangible Fixed Assets Cost
588.5
—
—
—
—
—
—
—
—
Accumulated Depreciation of Tangible Fixed Assets
-260.6
—
—
—
—
—
—
—
—
Intangible Fixed Assets
146.5
148.3
145.0
149.5
154.0
156.4
160.5
162.3
165.6
Intangible Fixed Assets Cost
279.8
—
—
—
—
—
—
—
—
Accumulated Depreciation of Intangible Fixed Assets
-133.3
—
—
—
—
—
—
—
—
Other Assets
9,694.9
9,075.0
10,006.7
8,360.3
7,662.0
6,894.3
9,120.0
11,063.6
11,200.5
Accounts Receivables
1,867.2
3,596.2
2,852.6
1,560.3
1,908.0
1,858.9
2,221.8
2,962.6
3,121.6
Interest and Fee Receivables
6,816.2
4,837.4
6,171.4
5,723.8
4,803.1
4,676.8
6,837.5
7,987.6
8,237.4
Other Assets (Miscellaneous)
1,273.5
903.4
1,284.7
1,396.6
1,318.9
726.7
428.8
414.9
143.0
Provision for Risks in Other Assets
-262.0
-262.0
-302.0
-320.4
-368.0
-368.0
-368.0
-301.5
-301.5
Total Assets
142,390.2
140,486.1
134,613.7
133,951.8
129,046.4
119,832.0
116,405.9
108,930.0
105,986.8
Due to Government and Borrowings from the State Bank of Vietnam
4,556.2
4,735.9
4,939.2
5,113.7
5,084.0
2,089.1
2,230.1
—
—
Placements and Borrowings from Other Credit Institutions
17,119.8
19,388.8
14,981.9
17,445.3
15,189.9
14,105.6
10,232.5
11,274.9
6,319.2
Placements from Other Credit Institutions
16,436.8
18,731.4
14,454.8
15,023.4
13,162.1
12,078.4
10,232.4
11,274.8
6,299.6
Borrowings from Other Credit Institutions
683.0
657.4
527.1
2,421.9
2,027.9
2,027.2
0.1
0.1
19.6
Deposits from Customers
102,351.0
99,079.9
97,984.4
95,784.8
93,896.4
90,289.4
92,364.1
86,327.8
88,080.6
Derivatives and Other Financial Liabilities
14.9
—
—
1.0
0.5
8.6
16.8
10.3
255.3
Funds Received from Government and Institutions, Trust Investments and Syndicated Loans
29.9
20.3
3.0
—
—
—
—
—
—
Valuable Papers Issued
5,458.8
4,958.8
5,100.0
4,100.0
3,550.0
2,145.0
825.0
865.0
835.0
Other Liabilities
2,289.6
2,165.2
1,914.4
2,081.9
2,173.8
2,327.8
2,120.2
2,005.3
2,300.4
Interest and Fee Payables
1,667.5
1,395.7
1,341.5
1,465.1
1,487.9
1,617.3
1,382.7
1,294.4
1,581.5
Other Liabilities (Miscellaneous)
622.1
769.5
572.9
616.8
685.9
710.5
737.5
710.8
718.9
Total Liabilities
131,820.3
130,349.1
124,923.0
124,526.6
119,894.6
110,965.6
107,788.7
100,483.2
97,790.5
Capital and Reserves
10,569.9
10,137.0
9,690.8
9,425.2
9,151.9
8,866.4
8,617.2
8,446.8
8,196.3
Capital
8,163.7
8,163.7
8,163.7
5,399.7
5,399.7
5,399.7
5,399.7
5,399.7
5,399.7
Charter Capital
8,163.6
8,163.6
8,163.6
5,399.6
5,399.6
5,399.6
5,399.6
5,399.6
5,399.6
Share Premium
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
Other Capital
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Reserves
893.2
893.2
633.6
793.6
620.1
620.1
620.1
620.1
508.5
Foreign Exchange Differences
6.4
—
2.7
1.2
2.2
—
-11.6
-12.5
-3.6
Undistributed Earnings after Tax/Accumulated Loss
1,506.6
1,080.0
890.7
3,230.8
3,129.8
2,846.6
2,608.9
2,439.4
2,291.6
Total Liabilities and Equity
142,390.2
140,486.1
134,613.7
133,951.8
129,046.4
119,832.0
116,405.9
108,930.0
105,986.8
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
495.0
4,537.7
1,781.9
1,164.9
1,930.7
4,304.2
2,793.2
1,900.4
1,543.2
Payments for Interest and Similar Expenses
-1,526.5
-1,541.2
-1,714.4
-1,566.0
-1,574.0
-1,095.2
-1,092.3
-1,425.6
-1,981.9
Receipts from Fee and Commission Income
65.9
73.4
26.5
23.6
40.0
39.8
40.8
33.3
14.7
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities
9.9
13.3
-6.1
2.8
1.4
9.5
-2.8
4.6
27.2
Receipts from Other Income
-0.2
7.6
9.2
4.5
6.5
13.2
-0.8
12.5
40.8
Receipts from Collection of Written-off Debts
25.5
58.8
65.5
29.6
8.3
30.7
22.2
24.9
20.4
Payments for Staff Costs and Operating Expenses
-248.0
-337.7
-227.1
-186.3
-256.2
-223.1
-218.7
-220.0
-221.3
Corporate Income Tax Paid
-161.7
-21.9
-81.9
-61.6
-86.5
-44.6
-54.3
-42.0
-64.2
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities
-1,340.0
2,789.9
-146.3
-588.6
70.2
3,034.5
1,487.1
288.1
-621.2
(Increase)/Decrease in Placements with and Loans to Other Credit Institutions
-500.0
1,600.0
90.0
1,000.0
410.0
-1,210.0
-2,290.0
650.0
300.0
(Increase)/Decrease in Trading Securities and Investment Securities
-3,476.2
-1,436.3
1,016.0
-978.8
-3,648.1
-2,427.7
-3,471.2
-748.8
-67.4
(Increase)/Decrease in Derivatives and Other Financial Assets
201.7
0.3
-8.9
—
—
—
—
—
—
(Increase)/Decrease in Loans and Advances to Customers
-2,011.2
-1,910.7
590.8
-2,511.2
-4,994.9
-2,648.2
-3,470.9
-2,404.1
-2,333.3
(Decrease)/Increase in Provisions for Damages
—
-854.8
-18.4
-40.4
—
-544.3
—
—
—
(Increase)/Decrease in Other Operating Assets
1,358.9
-560.6
-993.4
270.0
-641.4
65.0
727.0
-113.0
717.9
Increase/(Decrease) in Due to Government and Borrowings from State Bank
-179.8
-203.3
-174.4
29.7
2,994.9
-141.0
2,230.1
—
—
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions
-2,269.0
4,407.0
-2,463.4
2,255.4
1,084.3
3,873.1
-1,042.4
4,955.7
-7,564.9
Increase/(Decrease) in Deposits from Customers
3,271.1
1,095.5
2,199.7
1,888.4
3,607.0
-2,074.7
6,036.3
-1,752.8
1,385.7
Increase/(Decrease) in Valuable Papers Issued
500.0
-141.2
1,000.0
550.0
1,405.0
1,320.0
-40.0
30.0
349.0
Increase/(Decrease) in Funds Received from Government and Institutions
9.6
17.3
3.0
—
—
—
—
-6.8
—
Increase/(Decrease) in Derivatives and Other Financial Liabilities
14.9
-193.1
-1.0
0.5
-8.2
-8.2
-238.5
—
238.2
Increase/(Decrease) in Other Operating Liabilities
-62.1
83.1
-32.6
-93.5
-8.5
-41.7
38.0
-35.5
-130.1
Payments from Reserves
-4.0
-0.4
-1.2
-0.6
-2.5
-0.0
-1.0
-0.4
-1.5
Net Cash Flows from Operating Activities
-4,486.1
4,693.0
1,059.8
1,780.8
267.8
-803.3
209.6
624.1
-7,727.4
Purchase of Fixed Assets
-7.4
-74.3
-188.7
-0.2
-2.0
-1.1
-14.3
-0.8
-9.9
Receipts from Disposal of Fixed Assets
0.1
0.1
0.0
0.5
—
0.3
0.0
0.1
0.4
Dividends and Profit Received
—
18.0
0.0
4.9
—
-0.0
8.3
—
—
Net Cash Flows from Investing Activities
-7.3
-56.1
-188.7
5.1
-2.0
-0.8
-6.0
-0.7
-9.5
Net Cash Flows during the Period
-4,493.4
4,636.8
871.1
1,785.9
265.9
-804.1
203.6
623.3
-7,736.9
Cash and Cash Equivalents at Beginning of the Period
21,089.3
16,455.2
15,582.6
13,797.7
13,529.6
14,322.1
14,117.6
13,503.2
21,243.7
Exchange Difference due to Re-valuation of Ending Balances