Direct credit reading is still incomplete, but funding balance has tightened with LDR rising to 88.3%.
Reserve buffer on gross loans is around 1.51%. LDR stands at 88.3%.
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
0.25%
+0.0pp
Reserve / Gross loans
1.51%
+0.1pp
LDR
88.3%
+5.3pp
2026Q1
Is interest margin sustainable?
Interest Margin Quality
▼▼
Is spread coming under pressure?
Spread is under pressure from funding costs, with funding cost at 5.24%.
In the period, NIM reached 1.94%, −0.1pp YoY; asset yield was 7.18%, +0.4pp; while funding cost was 5.24%, +0.5pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.
Watchpoints
NIM is in a low zone
NIM stands at 1.94%, leaving less room on spread.
Funding cost is elevated
Funding cost is 5.24%, pressuring net interest margin.
Key signals
NIM
1.94%
−0.1pp
Asset yield
7.18%
+0.4pp
Funding cost
5.24%
+0.5pp
2026Q1
Earnings Mix
●
Is profit coming from core or supporting income sources?
Earnings mix currently looks balanced, while cost discipline keeps CIR at 48.4%.
Nii accounts for 92.6% of toi, fee income is 4.1% of toi, other income is -0.1% of toi, cir stands at 48.4%, net profit equals 31.2% of toi.
Watchpoints
CIR is elevated
CIR stands at 48.4%, suggesting cost discipline still needs work.
Fee-income base is thin
Fee income currently contributes only 4.1% of total operating income.
Key signals
NII / TOI
92.6%
+0.8pp
Fee / TOI
4.1%
−0.3pp
Other income / TOI
-0.1%
—
CIR
48.4%
+0.7pp
2026Q1
Is liquidity safe?
Funding & Liquidity
▼▼
Are funding and capital buffers sufficiently safe?
Capital buffer is the key watchpoint, with equity only at 6.6% of ending assets.
Ldr stands at 88.3%, equity equals 6.6% of assets, customer funding accounts for 56.7% of interest-bearing funding, market funding accounts for 43.3%.
Watchpoints
Capital buffer looks thin
Equity currently accounts for only 6.6% of ending assets.
Market funding dependence is high
Market funding now accounts for 43.3% of interest-bearing funding.
Key signals
LDR
88.3%
+5.3pp
Equity / Assets
6.6%
+0.3pp
Customer funding
56.7%
−0.7pp
Market funding
43.3%
+0.7pp
2026Q1
Profitability Quality
▼▼
What is sustaining current profitability?
Profitability is under clearer pressure as provisioning is rising sharply, with ROAA currently at 0.63%.
Net income on average earning assets is 0.65%, nim stands at 1.94%, credit cost is 0.25%, cir stands at 48.4%, average leverage is around 16.99 times.
Watchpoints
ROAA is low
ROAA stands at 0.63%, suggesting returns on assets are still soft.
ROAE should be watched
ROAE currently stands at 10.65%.
Key signals
ROAA
0.63%
−0.0pp
ROAE
10.65%
−0.8pp
NI / Avg EA
0.65%
−0.0pp
Quarterly provision
VND 195bn
+190.6% QoQ
2026Q1
Investment Takeaway
VBB 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
11,980.4
9,721.9
Interest Expense and Similar Expenses
8,653.8
6,910.3
Net Interest Income
3,326.6
2,811.6
Fee and Commission Income
262.1
231.6
Fee and Commission Expenses
101.7
94.9
Net Fee and Commission Income
160.4
136.7
Net Gain/(Loss) from Foreign Currencies and Gold Trading
89.7
80.2
Net Gain/(Loss) from Investment Securities
51.0
19.0
Other Income
6.5
463.6
Other Expenses
11.8
9.8
Net Other Income
-5.2
453.8
Operating Expenses
1,728.8
1,565.2
Operating Profit before Provision for Credit Losses
1,893.8
1,936.1
Provision for Credit Losses
362.3
804.8
Profit Before Tax
1,531.5
1,131.3
Current Corporate Income Tax Expense
321.9
230.4
Corporate Income Tax
321.9
230.4
Net Profit After Tax
1,209.6
900.9
Net Profit Attributable to the Equity Holders of the Bank
1,209.6
900.9
Earnings per Share
1,589.00
1,656.00
Item
2025
2024
Cash, Gold and Precious Stones
752.8
548.6
Balances with the State Bank of Vietnam
3,932.9
7,024.7
Placements at and Loans to Other Credit Institutions
51,514.9
35,921.2
Placements at Other Credit Institutions
50,914.9
34,021.2
Loans to Other Credit Institutions
600.0
1,900.0
Trading Securities
—
340.3
Trading Securities (Gross)
—
340.3
Derivatives and Other Financial Assets
328.3
89.1
Loans, Advances and Finance Leases to Customers
103,772.4
92,493.1
Loans, Advances and Finance Leases to Customers (Gross)
105,235.1
93,637.0
Provision for Losses on Loans, Advances and Finance Leases to Customers
-1,462.6
-1,144.0
Investment Securities
29,131.2
22,417.4
Available-for-sale Securities
7,211.6
2,729.3
Held-to-maturity Securities
21,943.8
19,688.1
Provision for Diminution in Value of Investment Securities
-24.3
—
Fixed Assets
3,903.4
698.9
Tangible Fixed Assets
910.1
543.4
Tangible Fixed Assets Cost
1,536.5
1,126.0
Accumulated Depreciation of Tangible Fixed Assets
-626.5
-582.6
Intangible Fixed Assets
2,993.3
155.4
Intangible Fixed Assets Cost
3,261.5
385.1
Accumulated Depreciation of Intangible Fixed Assets
-268.2
-229.7
Other Assets
3,435.1
3,322.1
Accounts Receivables
474.7
617.7
Interest and Fee Receivables
2,738.3
2,560.6
Other Assets (Miscellaneous)
236.1
157.3
Provision for Risks in Other Assets
-14.0
-13.5
Total Assets
196,771.0
162,855.3
Due to Government and Borrowings from the State Bank of Vietnam
4,415.4
222.9
Placements and Borrowings from Other Credit Institutions
51,633.4
38,416.2
Placements from Other Credit Institutions
49,208.3
33,042.4
Borrowings from Other Credit Institutions
2,425.1
5,373.8
Deposits from Customers
101,449.6
94,841.5
Valuable Papers Issued
23,645.1
17,678.3
Other Liabilities
3,196.1
2,995.5
Interest and Fee Payables
2,797.0
2,568.5
Other Liabilities (Miscellaneous)
399.0
427.0
Total Liabilities
184,339.5
154,154.3
Capital and Reserves
12,431.6
8,701.1
Capital
10,768.2
7,139.2
Charter Capital
10,769.0
7,139.4
Share Premium
-0.8
-0.2
Reserves
657.8
676.0
Undistributed Earnings after Tax/Accumulated Loss
1,005.5
885.9
Total Liabilities and Equity
196,771.0
162,855.3
Item
2025
2024
Receipts from Interest and Similar Income
11,871.7
9,868.8
Payments for Interest and Similar Expenses
-8,477.1
-7,271.4
Receipts from Fee and Commission Income
132.3
136.7
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities
154.5
99.2
Receipts from Other Income
-11.4
-9.3
Receipts from Collection of Written-off Debts
4.8
463.2
Payments for Staff Costs and Operating Expenses
-1,896.8
-1,358.9
Corporate Income Tax Paid
-173.1
-247.2
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities
1,604.9
1,681.2
(Increase)/Decrease in Placements with and Loans to Other Credit Institutions
1,300.0
-1,900.0
(Increase)/Decrease in Trading Securities and Investment Securities
-9,397.7
-2,241.0
(Increase)/Decrease in Derivatives and Other Financial Assets
-239.3
-69.2
(Increase)/Decrease in Loans and Advances to Customers
-11,598.0
-12,882.6
(Decrease)/Increase in Provisions for Damages
-19.3
-463.2
(Increase)/Decrease in Other Operating Assets
-73.8
56.7
Increase/(Decrease) in Due to Government and Borrowings from State Bank
4,192.5
213.9
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions
13,217.2
11,794.4
Increase/(Decrease) in Deposits from Customers
6,608.1
4,845.8
Increase/(Decrease) in Valuable Papers Issued
4,551.7
6,127.1
Increase/(Decrease) in Other Operating Liabilities
-37.2
447.4
Net Cash Flows from Operating Activities
10,109.1
7,610.3
Purchase of Fixed Assets
-3,076.7
-443.1
Receipts from Disposal of Fixed Assets
0.5
0.3
Net Cash Flows from Investing Activities
-3,076.2
-442.8
Receipts from Equity Issue and Owner Capital Contribution
2,558.1
934.7
Receipts from Issue of Valuable Papers and Other Long-term Borrowings
2,500.0
—
Net Cash Flows from Financing Activities
3,973.2
934.7
Net Cash Flows during the Period
11,006.1
8,102.2
Cash and Cash Equivalents at Beginning of the Period
44,594.5
36,492.3
Cash and Cash Equivalents at End of the Period
55,600.6
44,594.5
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Interest Income and Similar Income
3,290.5
3,453.9
2,961.6
2,825.7
2,739.2
2,549.9
2,544.9
2,390.5
2,236.5
Interest Expense and Similar Expenses
2,522.4
2,345.2
2,133.7
2,138.2
2,036.7
1,851.4
1,692.8
1,579.6
1,786.5
Net Interest Income
768.1
1,108.7
828.0
687.4
702.5
698.6
852.1
810.9
450.0
Fee and Commission Income
39.0
63.3
80.7
62.9
55.2
55.6
69.7
52.4
53.9
Fee and Commission Expenses
17.3
26.4
21.9
28.7
24.7
28.8
23.4
22.6
20.1
Net Fee and Commission Income
21.6
37.0
58.7
34.2
30.5
26.9
46.3
29.8
33.8
Net Gain/(Loss) from Foreign Currencies and Gold Trading
15.7
13.1
25.1
30.8
20.7
25.2
18.5
15.4
21.0
Net Gain/(Loss) from Investment Securities
1.0
29.5
-1.7
9.8
13.5
7.1
1.9
1.0
9.0
Other Income
0.2
1.6
0.7
2.5
1.8
460.7
1.1
1.0
0.8
Other Expenses
0.4
3.1
3.0
1.7
4.1
4.5
3.6
0.5
1.1
Net Other Income
-0.3
-1.5
-2.3
0.8
-2.2
456.2
-2.5
0.4
-0.3
Operating Expenses
444.6
454.4
472.7
403.0
398.2
462.6
374.3
378.4
349.7
Operating Profit before Provision for Credit Losses
361.6
732.3
435.1
360.0
366.7
751.4
542.0
479.0
163.8
Provision for Credit Losses
194.9
67.1
83.2
94.0
118.4
440.4
132.2
141.9
90.4
Profit Before Tax
166.8
665.3
351.9
266.0
248.3
310.9
409.8
337.1
73.4
Current Corporate Income Tax Expense
35.3
145.5
71.7
54.3
50.2
63.6
82.3
68.5
16.0
Corporate Income Tax
35.3
145.5
71.7
54.3
50.2
63.6
82.3
68.5
16.0
Net Profit After Tax
131.4
519.8
280.2
211.7
198.2
247.4
327.5
268.6
57.4
Net Profit Attributable to the Equity Holders of the Bank
131.4
519.8
280.2
211.7
198.2
247.4
327.5
268.6
57.4
Earnings per Share
122.00
—
—
—
278.00
—
1,143.00
571.00
120.00
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Cash, Gold and Precious Stones
580.8
752.8
660.4
667.3
662.3
548.6
560.7
551.6
607.9
Balances with the State Bank of Vietnam
1,702.9
3,932.9
4,244.8
6,663.7
2,846.3
7,024.7
1,849.8
2,366.0
2,967.1
Placements at and Loans to Other Credit Institutions
38,633.7
51,514.9
45,786.7
38,100.7
46,317.3
35,921.2
34,856.8
26,625.0
29,193.4
Placements at Other Credit Institutions
38,333.7
50,914.9
45,286.7
35,700.7
43,917.3
34,021.2
34,356.8
26,425.0
28,993.4
Loans to Other Credit Institutions
300.0
600.0
500.0
2,400.0
2,400.0
1,900.0
500.0
200.0
200.0
Trading Securities
—
—
—
117.4
2,043.3
2,770.8
1,451.0
839.0
—
Trading Securities (Gross)
—
—
—
117.4
2,043.3
2,770.8
1,451.0
839.0
—
Derivatives and Other Financial Assets
129.9
328.3
—
56.0
169.5
89.1
79.1
115.5
50.2
Loans, Advances and Finance Leases to Customers
108,035.5
103,772.4
103,779.9
101,102.3
96,036.5
92,493.1
90,810.9
87,989.2
80,620.2
Loans, Advances and Finance Leases to Customers (Gross)
109,693.0
105,235.1
105,195.3
102,447.5
97,298.8
93,637.0
91,953.3
88,999.4
81,488.5
Provision for Losses on Loans, Advances and Finance Leases to Customers
-1,657.5
-1,462.6
-1,415.3
-1,345.1
-1,262.4
-1,144.0
-1,142.4
-1,010.2
-868.3
Investment Securities
33,071.0
29,131.2
29,316.1
27,037.8
21,462.6
19,986.9
18,139.8
21,191.8
21,238.9
Available-for-sale Securities
4,937.3
7,211.6
7,112.2
9,119.7
1,591.7
298.8
450.3
350.8
350.8
Held-to-maturity Securities
28,146.7
21,943.8
22,228.3
17,929.4
19,870.9
19,688.1
17,689.5
20,841.0
20,888.1
Provision for Diminution in Value of Investment Securities
-13.0
-24.3
-24.3
-11.2
—
—
—
—
—
Other Long-term Investments
—
—
—
—
—
—
—
1.4
1.4
Provision for Diminution in Value of Long-term Investments
—
—
—
—
—
—
—
-1.4
-1.4
Fixed Assets
3,881.7
3,903.4
869.2
671.5
686.2
698.9
708.2
728.9
782.7
Tangible Fixed Assets
915.9
910.1
539.6
535.3
540.6
543.4
543.9
556.9
586.5
Tangible Fixed Assets Cost
1,560.9
—
—
—
—
—
—
—
—
Accumulated Depreciation of Tangible Fixed Assets
-645.0
—
—
—
—
—
—
—
—
Intangible Fixed Assets
2,965.8
2,993.3
329.7
136.2
145.7
155.4
164.3
172.1
196.2
Intangible Fixed Assets Cost
3,261.5
—
—
—
—
—
—
—
—
Accumulated Depreciation of Intangible Fixed Assets
-295.7
—
—
—
—
—
—
—
—
Other Assets
4,175.6
3,435.1
3,476.1
4,254.2
4,153.8
3,322.6
3,501.1
3,696.3
3,397.4
Accounts Receivables
504.1
474.7
707.7
801.4
722.8
618.2
603.9
738.1
616.4
Interest and Fee Receivables
3,375.0
2,738.3
2,582.1
3,258.2
3,237.8
2,560.6
2,754.6
2,810.3
2,628.8
Other Assets (Miscellaneous)
310.5
236.1
199.9
208.2
206.8
157.3
153.6
159.0
163.1
Provision for Risks in Other Assets
-14.0
-14.0
-13.5
-13.5
-13.5
-13.5
-11.0
-11.0
-11.0
Total Assets
190,211.1
196,771.0
188,133.4
178,671.0
174,377.7
162,855.8
151,957.5
144,103.3
138,857.7
Due to Government and Borrowings from the State Bank of Vietnam
4,050.2
4,415.4
2,550.4
6.1
6.4
222.9
7.4
7.6
8.4
Placements and Borrowings from Other Credit Institutions
47,958.1
51,633.4
54,869.7
42,869.8
39,300.8
38,416.2
32,461.9
28,400.3
24,844.2
Placements from Other Credit Institutions
45,258.1
49,208.3
49,396.5
38,494.3
33,853.1
32,882.4
28,333.0
25,777.8
21,410.3
Borrowings from Other Credit Institutions
2,700.0
2,425.1
5,473.2
4,375.5
5,447.7
5,533.7
4,128.9
2,622.5
3,433.9
Deposits from Customers
96,521.5
101,449.6
100,829.8
104,208.4
103,017.2
94,841.5
91,497.4
93,577.9
93,436.8
Derivatives and Other Financial Liabilities
—
—
3.2
—
—
—
—
—
—
Valuable Papers Issued
25,842.1
23,645.1
17,707.0
19,382.2
20,118.9
17,678.3
17,007.2
11,392.2
10,451.2
Other Liabilities
3,277.4
3,195.9
2,819.9
3,131.0
3,036.4
2,996.0
2,530.1
2,600.0
3,164.4
Interest and Fee Payables
3,010.9
2,797.0
2,445.9
2,739.8
2,600.6
2,568.5
2,179.9
2,313.9
2,335.8
Other Liabilities (Miscellaneous)
266.5
398.9
374.0
391.2
435.8
427.5
350.2
286.2
828.6
Total Liabilities
177,649.3
184,339.3
178,779.9
169,597.5
165,479.7
154,154.8
143,504.0
135,978.1
131,904.9
Capital and Reserves
12,561.7
12,431.7
9,353.5
9,073.5
8,898.0
8,701.1
8,453.5
8,125.2
6,952.8
Capital
10,768.2
10,768.2
8,210.1
7,139.2
7,139.2
7,139.2
5,711.3
5,711.3
4,776.8
Charter Capital
10,769.0
10,769.0
8,210.3
7,139.4
7,139.4
7,139.4
5,711.5
5,711.5
4,776.8
Share Premium
-0.8
-0.8
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
—
Reserves
657.8
429.0
429.0
676.0
676.0
676.0
495.8
495.8
495.8
Foreign Exchange Differences
-1.3
—
-0.4
-0.2
-1.2
—
-0.2
-1.0
-0.3
Undistributed Earnings after Tax/Accumulated Loss
1,137.0
1,234.5
714.8
1,258.5
1,084.1
885.9
2,246.6
1,919.1
1,680.5
Total Liabilities and Equity
190,211.1
196,771.0
188,133.4
178,671.0
174,377.7
162,855.8
151,957.5
144,103.3
138,857.7
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
2,631.6
3,366.7
3,637.8
1,450.9
3,416.4
2,744.0
2,600.5
2,209.1
2,315.2
Payments for Interest and Similar Expenses
-2,708.6
-2,046.3
-2,429.3
-1,996.9
-2,004.6
-1,462.8
-1,826.8
-1,601.5
-2,380.3
Receipts from Fee and Commission Income
24.5
7.3
59.8
34.6
30.5
26.9
46.3
29.8
33.8
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities
53.9
56.3
23.4
40.7
34.1
32.3
20.5
16.4
30.1
Receipts from Other Income
-0.3
-3.4
-2.5
-3.2
-2.2
-10.5
1.2
-0.3
0.3
Receipts from Collection of Written-off Debts
0.1
1.0
0.1
240.5
-236.8
461.5
0.0
1.2
0.5
Payments for Staff Costs and Operating Expenses
-422.9
-584.8
-464.6
-487.3
-360.1
4.4
-713.6
-255.5
-394.2
Corporate Income Tax Paid
-211.7
-5.3
-54.4
-0.3
-113.2
-82.3
-68.5
-15.9
-80.4
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities
-633.4
791.5
770.4
-721.1
764.1
1,713.3
59.6
383.2
-475.0
(Increase)/Decrease in Placements with and Loans to Other Credit Institutions
300.0
-100.0
1,900.0
0.0
-500.0
-1,400.0
-300.0
0.0
-200.0
(Increase)/Decrease in Trading Securities and Investment Securities
-3,928.6
185.0
-2,174.0
-3,660.6
-3,748.1
-165.7
-561.3
2,208.1
-3,722.2
(Increase)/Decrease in Derivatives and Other Financial Assets
198.5
-328.3
56.0
113.5
-80.4
-9.9
36.3
-65.2
-30.4
(Increase)/Decrease in Loans and Advances to Customers
-4,457.9
-39.8
-2,747.8
-5,385.4
-3,425.0
-2,048.3
-2,821.7
-7,369.1
-643.6
(Decrease)/Increase in Provisions for Damages
—
-19.3
—
—
—
-463.2
—
—
—
(Increase)/Decrease in Other Operating Assets
1.6
232.4
-127.7
1,330.5
-1,508.9
66.9
-53.6
75.6
-32.3
Increase/(Decrease) in Due to Government and Borrowings from State Bank
-365.1
1,864.9
2,544.3
-0.3
-216.4
215.5
-0.3
-0.7
-0.6
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions
-3,675.2
-3,236.3
11,999.9
3,569.0
884.6
5,954.2
4,061.6
3,556.1
-1,777.6
Increase/(Decrease) in Deposits from Customers
-4,928.1
619.8
-3,378.6
1,191.2
8,175.7
3,344.1
-2,080.5
141.1
3,441.1
Increase/(Decrease) in Valuable Papers Issued
2,197.0
4,523.0
-1,675.2
1,703.9
—
6,286.1
—
941.0
-1,100.0
Increase/(Decrease) in Derivatives and Other Financial Liabilities
—
—
-2,437.5
—
2,440.7
—
5,456.0
—
—
Increase/(Decrease) in Other Operating Liabilities
371.7
0.0
-0.0
-96.8
59.6
416.2
338.5
-924.0
616.6
Net Cash Flows from Operating Activities
-14,919.6
4,489.6
7,170.5
-4,396.8
2,845.8
8,294.3
4,293.7
-1,053.8
-3,923.9
Purchase of Fixed Assets
-62.3
-3,054.8
-10.0
1.2
-13.2
-467.6
168.0
-143.7
0.3
Receipts from Disposal of Fixed Assets
0.0
0.1
0.0
0.4
—
-37.4
—
37.7
—
Net Cash Flows from Investing Activities
-62.3
-3,054.6
-10.0
1.6
-13.2
-467.3
130.3
-106.1
0.3
Receipts from Equity Issue and Owner Capital Contribution
—
2,558.1
—
—
—
0.0
0.0
934.7
—
Receipts from Issue of Valuable Papers and Other Long-term Borrowings
—
2,500.0
—
—
—
—
—
—
—
Net Cash Flows from Financing Activities
—
3,973.2
—
—
—
0.0
0.0
934.7
—
Net Cash Flows during the Period
-14,981.9
5,408.3
7,160.5
-4,395.2
2,832.6
7,827.0
4,423.9
-225.1
-3,923.6
Cash and Cash Equivalents at Beginning of the Period
55,600.6
50,192.0
43,031.7
47,425.9
44,594.5
36,767.3
32,342.6
32,568.4
36,492.3
Exchange Difference due to Re-valuation of Ending Balances