VCB

Ngân hàng TMCP Ngoại thương Việt Nam ·HOSE ·2026Q1

▼ FUNDING UNDER PRESSURE

Operations are weakening LDR 101.0%, +4.0 pp QoQ

Price

62,200

Latest close

04 Jun 2026

P/B 2.2x

ROAE (TTM) 16.4%

NIM (TTM) 2.8%

ROAA (TTM) 1.5%

LDR 101.0%

Bank Picture

VCB bank opening narrative plan rendered.

	                            
	                                LDR
	                            
	                                    101.0%
	                                
+4.0 pp QoQ

	                            
	                                Market funding share
	                            
	                                    19.1%
	                                
+1.8 pp QoQ

	                            
	                                Funding cost
	                            
	                                    2.20%
	                                
+0.1 pp YoY

Metric	2025	2024
Net Interest Income	58.771,4	55.405,7
NIM	2,66%	2,73%
Net Fee Income	3.469,9	5.136,6
Provision Expense	3.192,2	3.315,0
Net Profit After Tax	35.197,9	33.853,1

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Net Interest Income	17.651,1	16.169,8	14.657,2	14.160,2	13.687,2	13.842,3	13.577,6	13.907,7	14.078,1
NII Growth YoY	+29%	+17%	+8%	+2%	−3%	—	—	—	—
NIM	2,75%	2,66%	2,69%	2,75%	2,91%	2,95%	—	—	—
Net Fee Income	943,4	864,6	938,3	860,9	806,0	923,8	1.272,3	1.499,0	1.441,6
Provision Expense	2.493,1	847,5	775,6	809,6	752,4	−32,3	325,6	1.513,5	1.508,2
Net Profit After Tax	9.462,1	8.633,8	9.025,6	8.837,4	8.701,7	8.569,9	8.572,5	8.124,7	8.586,0
Net Income Growth YoY	+9%	+1%	+5%	+9%	+1%	—	—	—	—

Drivers of VCB's profit

TTM

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

Net interest income +VND 7,623.5bn

Other income +VND 1,259.3bn

Trading securities +VND 51.8bn

Minority interest −VND 0.9bn

Operating expenses +VND 2,758.1bn

Provision for credit losses +VND 2,366.6bn

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 3,963.9bn

Other income +VND 194.2bn

Net fee income +VND 137.5bn

Provision for credit losses +VND 1,740.7bn

Operating expenses +VND 1,231.6bn

FX & gold trading −VND 346.2bn

Financial Highlights

Detailed analysis of each financial dimension

Is credit clean?

very positive positive stable watch under pressure

Credit Quality

Is asset quality deteriorating?

Liquidity balance is tightening, with LDR up to 101.0% and near-term funding room looking thinner than last quarter.

Reserve buffer on gross loans is around 1.57%. LDR stands at 101.0%.

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

Watchpoints

LDR is stretched

LDR stands at 101.0%, leaving less room on liquidity.

Key signals

Credit cost 0.22% +0.1pp

Reserve / Gross loans 1.57% +0.1pp

LDR 101.0% +4.0pp

2026Q1

Is interest margin sustainable?

Interest Margin Quality

Is spread coming under pressure?

Spread deserves closer monitoring because funding cost is already at 2.20%, even if pressure is not yet as severe as in clearer compression cases. This suggests spread is under pressure from both sides, with softer asset yields and rising funding costs.

In the period, NIM reached 2.75%, −0.2pp YoY; asset yield was 4.95%, −0.0pp; while funding cost was 2.20%, +0.1pp. This suggests spread has become less favorable mainly because asset yields softened, while the mild rise in funding cost is not yet enough to call it a strong two-sided compression episode.

Watchpoints

Spread compression in progress

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

Key signals

NIM 2.75% −0.2pp

Asset yield 4.95% −0.0pp

Funding cost 2.20% +0.1pp

2026Q1

Earnings Mix

Is profit coming from core or supporting income sources?

Earnings mix currently looks balanced.

Nii accounts for 82.1% of toi, fee income is 4.7% of toi, other income is 5.0% of toi, cir stands at 34.6%, net profit equals 47.1% of toi.

Watchpoints

Fee-income base is thin

Fee income currently contributes only 4.7% of total operating income.

Key signals

NII / TOI 82.1% +1.0pp

Fee / TOI 4.7% −0.1pp

Other income / TOI 5.0% −0.0pp

CIR 34.6% −0.2pp

2026Q1

Is liquidity safe?

Funding & Liquidity

Are funding and capital buffers sufficiently safe?

Liquidity balance is tightening, with LDR up to 101.0% and implying balance-sheet usage is running ahead of funding cushion.

Ldr stands at 101.0%, equity equals 9.2% of assets, customer funding accounts for 80.9% of interest-bearing funding, market funding accounts for 19.1%.

Watchpoints

Funding mix turning less comfortable

Market funding share is rising quarter over quarter, suggesting a less comfortable funding mix even if stress is not yet severe.

LDR is stretched

LDR stands at 101.0%, leaving less room on liquidity.

Key signals

LDR 101.0% +4.0pp

Equity / Assets 9.2% −0.1pp

Customer funding 80.9% −1.8pp

Market funding 19.1% +1.8pp

2026Q1

Profitability Quality

What is sustaining current profitability?

Profitability is under clearer pressure as provisioning is rising sharply, with ROAA currently at 1.54%.

Net income on average earning assets is 1.58%, nim stands at 2.75%, credit cost is 0.22%, cir stands at 34.6%, average leverage is around 10.62 times.

Watchpoints

Provisioning is rising sharply

Quarterly provision expense increased 194.2% QoQ.

Key signals

ROAA 1.54% −0.0pp

ROAE 16.38% −0.1pp

NI / Avg EA 1.58% −0.0pp

Quarterly provision VND 2,493bn +194.2% QoQ

2026Q1

Investment Takeaway

VCB 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
Interest Income and Similar Income	105,216.5	93,654.8
Interest Expense and Similar Expenses	46,445.1	38,249.1
Net Interest Income	58,771.4	55,405.7
Fee and Commission Income	11,854.5	13,143.0
Fee and Commission Expenses	8,384.7	8,006.4
Net Fee and Commission Income	3,469.9	5,136.6
Net Gain/(Loss) from Foreign Currencies and Gold Trading	6,165.1	5,291.8
Net Gain/(Loss) from Trading Securities	171.2	62.1
Net Gain/(Loss) from Investment Securities	3.6	3.4
Other Income	5,269.1	4,468.8
Other Expenses	1,677.5	2,097.1
Net Other Income	3,591.6	2,371.7
Income from Capital Contribution and Long-term Investments	281.9	307.2
Operating Expenses	25,242.8	23,027.4
Operating Profit before Provision for Credit Losses	47,211.8	45,551.1
Provision for Credit Losses	3,192.2	3,315.0
Profit Before Tax	44,019.6	42,236.1
Current Corporate Income Tax Expense	7,843.0	8,526.5
Deferred Income Tax Expense	978.7	-143.5
Corporate Income Tax	8,821.7	8,383.0
Net Profit After Tax	35,197.9	33,853.1
Minority Interest	20.3	21.7
Net Profit Attributable to the Equity Holders of the Bank	35,177.7	33,831.4
Earnings per Share	3,854.00	5,571.00

Item	2025	2024
Cash, Gold and Precious Stones	15,542.8	14,268.1
Balances with the State Bank of Vietnam	37,445.5	49,340.5
Placements at and Loans to Other Credit Institutions	522,474.4	389,951.9
Placements at Other Credit Institutions	515,588.6	384,031.9
Loans to Other Credit Institutions	6,885.7	6,920.0
Provision for Losses and Risks	—	-1,000.0
Trading Securities	11,832.6	4,876.2
Trading Securities (Gross)	11,900.0	4,908.5
Provision for Diminution in Value of Trading Securities	-67.4	-32.3
Derivatives and Other Financial Assets	374.9	1,314.4
Loans, Advances and Finance Leases to Customers	1,648,550.0	1,418,015.7
Loans, Advances and Finance Leases to Customers (Gross)	1,673,525.7	1,449,198.9
Provision for Losses on Loans, Advances and Finance Leases to Customers	-24,975.7	-31,183.2
Investment Securities	162,104.2	167,383.3
Available-for-sale Securities	143,080.8	86,799.9
Held-to-maturity Securities	22,385.0	80,829.5
Provision for Diminution in Value of Investment Securities	-3,361.6	-246.1
Capital Contribution and Other Long-term Investments	2,260.7	2,228.1
Investments in Associates and Joint Ventures	746.6	774.2
Other Long-term Investments	1,589.1	1,528.9
Provision for Diminution in Value of Long-term Investments	-75.0	-75.0
Fixed Assets	8,163.3	8,092.9
Tangible Fixed Assets	5,618.8	5,530.6
Tangible Fixed Assets Cost	16,271.9	15,808.3
Accumulated Depreciation of Tangible Fixed Assets	-10,653.1	-10,277.7
Intangible Fixed Assets	2,544.5	2,562.3
Intangible Fixed Assets Cost	5,284.8	5,072.7
Accumulated Depreciation of Intangible Fixed Assets	-2,740.3	-2,510.4
Other Assets	33,530.8	30,402.3
Accounts Receivables	17,577.1	14,040.3
Interest and Fee Receivables	10,007.2	8,868.3
Deferred Income Tax Assets	13.1	991.7
Other Assets (Miscellaneous)	5,951.1	6,516.0
Provision for Risks in Other Assets	-17.7	-14.0
Total Assets	2,442,279.2	2,085,873.5
Due to Government and Borrowings from the State Bank of Vietnam	160,128.3	78,237.3
Placements and Borrowings from Other Credit Institutions	321,158.1	234,534.0
Placements from Other Credit Institutions	305,902.8	223,171.4
Borrowings from Other Credit Institutions	15,255.3	11,362.6
Deposits from Customers	1,672,534.8	1,514,664.9
Funds Received from Government and Institutions, Trust Investments and Syndicated Loans	—	0.5
Valuable Papers Issued	27,101.2	24,125.1
Other Liabilities	36,797.9	38,102.6
Interest and Fee Payables	15,458.0	13,990.3
Other Liabilities (Miscellaneous)	21,340.0	24,112.3
Total Liabilities	2,217,720.4	1,889,664.4
Capital and Reserves	224,558.7	196,209.2
Capital	89,362.0	61,696.1
Charter Capital	83,556.8	55,890.9
Share Premium	4,995.4	4,995.4
Other Capital	809.8	809.8
Reserves	48,221.3	37,053.0
Foreign Exchange Differences	-918.7	-968.3
Undistributed Earnings after Tax/Accumulated Loss	87,822.6	98,332.1
Minority Interest	71.5	96.3
Total Liabilities and Equity	2,442,279.2	2,085,873.5

Item	2025	2024
Receipts from Interest and Similar Income	104,376.7	93,772.3
Payments for Interest and Similar Expenses	-44,982.3	-43,790.2
Receipts from Fee and Commission Income	3,413.8	3,524.0
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities	5,074.2	4,094.5
Receipts from Other Income	-340.4	-1,390.6
Receipts from Collection of Written-off Debts	3,916.1	3,751.0
Payments for Staff Costs and Operating Expenses	-23,796.5	-20,922.7
Corporate Income Tax Paid	-9,242.0	-8,854.4
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities	38,419.6	30,183.9
(Increase)/Decrease in Placements with and Loans to Other Credit Institutions	-9,827.6	18,021.9
(Increase)/Decrease in Trading Securities and Investment Securities	-4,827.8	-24,134.3
(Increase)/Decrease in Derivatives and Other Financial Assets	939.5	-1,314.4
(Increase)/Decrease in Loans and Advances to Customers	-224,326.8	-178,839.9
(Decrease)/Increase in Provisions for Damages	-7,287.8	-5,358.0
(Increase)/Decrease in Other Operating Assets	-2,952.4	496.2
Increase/(Decrease) in Due to Government and Borrowings from State Bank	81,891.0	76,566.5
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions	86,624.1	20,695.0
Increase/(Decrease) in Deposits from Customers	157,870.0	118,967.2
Increase/(Decrease) in Valuable Papers Issued	2,976.0	4,212.1
Increase/(Decrease) in Funds Received from Government and Institutions	-0.5	0.2
Increase/(Decrease) in Derivatives and Other Financial Liabilities	—	-117.8
Increase/(Decrease) in Other Operating Liabilities	-641.8	2,620.9
Payments from Reserves	-2,625.1	-2,876.7
Net Cash Flows from Operating Activities	116,230.6	59,122.8
Purchase of Fixed Assets	-1,453.5	-1,480.1
Receipts from Disposal of Fixed Assets	17.2	12.5
Payments for Disposal of Fixed Assets	-1.3	-1.3
Payments for Investment in Other Entities	-60.2	—
Dividends and Profit Received	118.6	160.7
Net Cash Flows from Investing Activities	-1,379.1	-1,307.4
Dividends Paid and Profits Distributed to Owners	-3,776.8	-20.0
Net Cash Flows from Financing Activities	-3,776.8	-20.0
Net Cash Flows during the Period	111,074.6	57,795.5
Cash and Cash Equivalents at Beginning of the Period	430,614.2	372,818.7
Cash and Cash Equivalents at End of the Period	541,688.8	430,614.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Interest Income and Similar Income	32,092.0	28,613.8	26,713.3	25,224.4	24,574.9	23,581.3	23,191.2	22,862.7	24,019.7
Interest Expense and Similar Expenses	14,440.9	12,444.0	12,056.1	11,064.2	10,887.8	9,738.9	9,613.6	8,955.0	9,941.6
Net Interest Income	17,651.1	16,169.8	14,657.2	14,160.2	13,687.2	13,842.3	13,577.6	13,907.7	14,078.1
Fee and Commission Income	2,936.1	3,288.2	3,028.3	2,810.5	2,727.5	3,368.8	3,263.8	3,329.6	3,180.8
Fee and Commission Expenses	1,992.7	2,423.6	2,089.9	1,949.6	1,921.6	2,445.0	1,991.5	1,830.7	1,739.2
Net Fee and Commission Income	943.4	864.6	938.3	860.9	806.0	923.8	1,272.3	1,499.0	1,441.6
Net Gain/(Loss) from Foreign Currencies and Gold Trading	1,677.7	1,226.4	1,279.5	1,635.3	2,023.9	1,586.2	1,347.0	1,160.9	1,197.6
Net Gain/(Loss) from Trading Securities	-7.1	30.9	106.4	-2.6	36.5	4.5	36.1	-1.3	22.8
Net Gain/(Loss) from Investment Securities	—	—	—	3.6	—	2.7	-1.1	1.9	—
Other Income	1,267.6	1,677.1	1,159.8	1,415.2	1,017.0	1,834.0	903.3	841.7	889.8
Other Expenses	410.5	833.1	228.0	262.2	354.2	549.3	348.7	817.3	381.8
Net Other Income	857.1	844.0	931.8	1,152.9	662.9	1,284.7	554.6	24.4	508.0
Income from Capital Contribution and Long-term Investments	57.6	36.8	138.8	57.9	48.3	66.4	49.4	159.1	32.3
Operating Expenses	6,884.1	7,437.7	6,037.4	6,024.7	5,652.4	7,040.2	5,811.4	5,121.8	5,053.9
Operating Profit before Provision for Credit Losses	14,295.8	11,734.8	12,014.7	11,843.5	11,612.3	10,670.4	11,024.5	11,629.8	12,226.4
Provision for Credit Losses	2,493.1	847.5	775.6	809.6	752.4	-32.3	325.6	1,513.5	1,508.2
Profit Before Tax	11,802.7	10,887.3	11,239.1	11,033.9	10,859.9	10,702.7	10,698.9	10,116.3	10,718.2
Current Corporate Income Tax Expense	2,343.8	1,269.1	2,217.0	2,198.4	2,158.6	2,274.4	2,126.2	1,992.3	2,133.6
Deferred Income Tax Expense	-3.2	984.4	-3.4	-1.9	-0.4	-141.6	0.3	-0.8	-1.3
Corporate Income Tax	2,340.6	2,253.5	2,213.6	2,196.5	2,158.2	2,132.7	2,126.4	1,991.6	2,132.2
Net Profit After Tax	9,462.1	8,633.8	9,025.6	8,837.4	8,701.7	8,569.9	8,572.5	8,124.7	8,586.0
Minority Interest	5.5	4.2	5.1	5.5	5.5	4.5	5.9	5.3	6.0
Net Profit Attributable to the Equity Holders of the Bank	9,456.6	8,629.5	9,020.5	8,831.9	8,696.2	8,565.4	8,566.6	8,119.4	8,580.0
Earnings per Share	1,132.00	1,033.00	1,080.00	1,057.00	1,041.00	1,533.00	1,533.00	1,453.00	1,535.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Cash, Gold and Precious Stones	12,931.0	15,542.8	12,909.5	14,790.2	13,713.2	14,268.1	13,157.6	12,950.3	12,916.0
Balances with the State Bank of Vietnam	17,957.5	37,445.5	56,577.2	37,686.0	28,021.0	49,340.5	13,749.1	35,735.8	37,836.6
Placements at and Loans to Other Credit Institutions	581,521.6	521,938.5	497,858.7	432,536.9	410,587.6	389,295.8	316,566.7	316,589.5	273,301.2
Placements at Other Credit Institutions	574,752.7	515,052.8	493,782.8	426,017.3	404,239.1	383,375.8	304,724.7	303,761.2	254,973.5
Loans to Other Credit Institutions	6,769.5	6,885.7	4,075.9	6,519.5	6,348.5	6,920.0	12,841.9	13,828.4	23,275.8
Provision for Losses and Risks	-0.6	—	—	—	—	-1,000.0	-1,000.0	-1,000.0	-4,948.1
Trading Securities	14,096.9	11,479.1	5,251.1	7,992.8	8,417.8	4,575.9	4,146.2	2,432.4	2,936.1
Trading Securities (Gross)	14,180.8	11,546.5	5,307.3	8,031.8	8,448.5	4,608.1	4,169.2	2,457.7	2,956.8
Provision for Diminution in Value of Trading Securities	-83.9	-67.4	-56.2	-39.0	-30.6	-32.3	-23.0	-25.3	-20.7
Derivatives and Other Financial Assets	400.7	374.9	—	—	—	1,314.4	—	511.0	—
Loans, Advances and Finance Leases to Customers	1,727,390.9	1,648,557.1	1,595,934.0	1,522,462.5	1,433,896.5	1,418,036.6	1,366,088.2	1,334,761.8	1,235,587.2
Loans, Advances and Finance Leases to Customers (Gross)	1,754,926.3	1,673,525.7	1,629,942.5	1,555,769.5	1,466,390.5	1,449,219.8	1,401,151.7	1,369,645.3	1,266,477.9
Provision for Losses on Loans, Advances and Finance Leases to Customers	-27,535.4	-24,968.5	-34,008.5	-33,307.0	-32,494.0	-31,183.2	-35,063.4	-34,883.5	-30,890.7
Investment Securities	154,310.7	162,104.2	165,634.8	162,434.4	176,979.2	167,383.3	170,417.0	166,831.6	174,371.8
Available-for-sale Securities	131,981.0	143,080.8	135,556.1	128,742.0	108,816.4	86,799.9	83,014.2	75,795.9	91,847.6
Held-to-maturity Securities	25,624.7	22,385.0	30,320.8	33,936.1	68,407.9	80,829.5	87,654.5	91,200.5	82,689.0
Provision for Diminution in Value of Investment Securities	-3,295.0	-3,361.6	-242.1	-243.8	-245.2	-246.1	-251.7	-164.8	-164.8
Capital Contribution and Other Long-term Investments	3,510.4	2,260.7	2,418.9	2,314.4	2,268.6	2,228.1	2,119.0	2,086.5	2,256.4
Investments in Associates and Joint Ventures	1,996.3	746.6	904.8	15.5	814.7	774.2	732.5	700.0	869.7
Other Long-term Investments	1,589.1	1,589.1	1,589.1	1,528.9	1,528.9	1,528.9	1,528.9	1,528.9	1,529.1
Provision for Diminution in Value of Long-term Investments	-75.0	-75.0	-75.0	-75.0	-75.0	-75.0	-142.4	-142.4	-142.4
Fixed Assets	8,131.8	8,232.9	8,141.0	7,967.8	8,015.8	8,092.9	8,026.7	7,716.5	7,588.7
Tangible Fixed Assets	5,622.9	5,618.8	5,671.4	5,487.4	5,494.7	5,530.6	5,467.0	5,170.8	5,046.5
Tangible Fixed Assets Cost	16,578.2	—	—	—	—	—	—	—	—
Accumulated Depreciation of Tangible Fixed Assets	-10,955.4	—	—	—	—	—	—	—	—
Intangible Fixed Assets	2,508.9	2,614.1	2,469.6	2,480.4	2,521.1	2,562.3	2,559.7	2,545.7	2,542.2
Intangible Fixed Assets Cost	5,287.1	—	—	—	—	—	—	—	—
Accumulated Depreciation of Intangible Fixed Assets	-2,778.2	—	—	—	—	—	—	—	—
Other Assets	30,711.9	33,993.2	33,460.4	29,756.2	27,360.8	30,861.7	38,091.4	26,023.5	26,919.5
Accounts Receivables	17,499.5	18,039.5	21,135.6	16,925.0	13,795.2	14,502.7	13,508.0	14,344.3	14,118.8
Interest and Fee Receivables	10,866.5	10,007.2	9,411.7	8,785.1	9,745.4	8,865.3	8,627.2	8,515.8	9,755.4
Deferred Income Tax Assets	16.3	13.1	997.4	994.0	992.1	991.7	850.1	850.4	849.6
Other Assets (Miscellaneous)	2,347.4	5,951.1	1,930.5	3,066.5	2,842.0	6,516.0	15,116.4	2,323.7	2,211.2
Provision for Risks in Other Assets	-17.7	-17.7	-14.9	-14.4	-13.9	-14.0	-10.2	-10.6	-15.4
Total Assets	2,550,963.3	2,441,928.9	2,378,185.6	2,217,941.1	2,109,260.6	2,085,397.2	1,932,361.9	1,905,638.8	1,773,713.6
Due to Government and Borrowings from the State Bank of Vietnam	198,629.5	160,128.3	162,585.3	99,737.2	125,298.5	78,237.3	36,293.3	66,987.7	4,140.6
Placements and Borrowings from Other Credit Institutions	367,184.6	321,158.8	317,172.5	259,086.1	222,764.3	234,653.4	217,260.4	218,637.7	171,488.4
Placements from Other Credit Institutions	353,226.2	305,903.6	303,321.8	248,482.4	212,498.1	223,273.0	209,222.0	210,681.9	163,347.3
Borrowings from Other Credit Institutions	13,958.4	15,255.3	13,850.8	10,603.6	10,266.2	11,380.4	8,038.4	7,955.9	8,141.1
Deposits from Customers	1,682,032.4	1,672,534.1	1,611,966.7	1,586,682.7	1,509,113.4	1,514,664.9	1,430,071.0	1,374,683.4	1,347,325.6
Derivatives and Other Financial Liabilities	—	—	28.7	47.3	306.4	—	117.0	—	91.4
Funds Received from Government and Institutions, Trust Investments and Syndicated Loans	—	—	0.0	0.0	0.0	0.5	0.0	0.0	0.0
Valuable Papers Issued	29,094.8	27,101.2	23,085.1	24,165.1	14,165.1	24,125.1	26,901.3	26,901.4	29,905.0
Other Liabilities	39,990.7	33,470.6	40,555.7	34,473.4	32,671.2	34,760.0	31,422.0	36,725.7	47,148.6
Interest and Fee Payables	17,700.1	15,458.0	15,029.9	13,656.1	13,209.4	13,990.3	13,930.6	13,663.8	15,788.9
Other Liabilities (Miscellaneous)	22,290.6	18,012.6	25,525.8	20,817.2	19,461.8	20,769.7	17,491.4	23,061.9	31,359.6
Total Liabilities	2,316,932.0	2,214,393.1	2,155,394.1	2,004,191.7	1,904,318.8	1,886,441.1	1,742,064.9	1,723,936.1	1,600,099.5
Capital and Reserves	234,031.3	227,535.9	222,791.5	213,749.4	204,941.8	198,956.1	190,297.0	181,702.8	173,614.1
Capital	89,362.0	89,362.0	89,362.0	89,362.0	89,362.0	61,696.1	61,696.1	61,696.1	61,696.1
Charter Capital	83,556.8	83,556.8	83,556.8	83,556.8	83,556.8	55,890.9	55,890.9	55,890.9	55,890.9
Share Premium	4,995.4	4,995.4	4,995.4	4,995.4	4,995.4	4,995.4	809.8	4,995.4	809.8
Other Capital	809.8	809.8	809.8	809.8	809.8	809.8	—	809.8	—
Reserves	48,221.3	36,993.5	37,060.2	37,060.6	37,053.0	27,453.1	27,453.5	27,453.9	27,447.1
Foreign Exchange Differences	-907.4	-918.7	-913.0	-926.1	-951.5	-968.3	-1,031.8	-950.2	-960.4
Undistributed Earnings after Tax/Accumulated Loss	97,278.9	102,027.6	97,169.6	88,145.6	79,376.5	110,678.9	110.8	93,397.2	100.6
Minority Interest	76.6	71.5	112.7	107.4	102.0	96.3	—	105.7	—
Total Liabilities and Equity	2,550,963.3	2,441,928.9	2,378,185.6	2,217,941.1	2,109,260.6	2,085,397.2	1,932,361.9	1,905,638.8	1,773,713.6

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	31,437.6	28,347.4	25,992.1	26,344.2	23,693.0	23,060.4	23,145.2	24,089.7	23,476.9
Payments for Interest and Similar Expenses	-12,196.7	-12,011.5	-10,677.7	-10,623.1	-11,670.0	-9,657.5	-9,346.7	-11,112.5	-13,673.5
Receipts from Fee and Commission Income	942.7	862.1	936.5	809.3	806.0	570.5	852.5	1,079.2	1,021.8
Net Cash Inflow from Trading Activities in Foreign Currencies, Gold and Securities	1,396.3	1,019.1	3,166.3	1,205.0	-316.3	1,304.0	967.2	2,371.3	-547.9
Receipts from Other Income	-17.1	-222.4	37.6	-57.3	-98.3	-343.8	-200.2	-644.0	-202.5
Receipts from Collection of Written-off Debts	870.2	1,061.4	888.5	1,206.6	759.6	1,623.8	752.1	666.3	708.9
Payments for Staff Costs and Operating Expenses	-7,857.6	-6,865.5	-4,445.2	-6,799.7	-5,686.0	-6,050.5	-5,069.6	-4,007.1	-5,795.5
Corporate Income Tax Paid	-2,975.7	-79.9	-2,637.6	-2,151.8	-4,372.6	-81.8	-1,986.0	-2,140.3	-4,646.2
Cash Flow from Operating Activities before Changes in Operating Assets and Liabilities	11,599.8	12,110.6	13,260.5	9,933.2	3,115.3	10,425.1	9,114.5	10,302.4	341.9
(Increase)/Decrease in Placements with and Loans to Other Credit Institutions	-2,260.2	-2,607.5	-412.6	4,309.4	-11,116.8	6,504.0	6,140.8	3,807.3	1,569.8
(Increase)/Decrease in Trading Securities and Investment Securities	5,995.4	-6,181.5	-1,207.2	15,695.8	-13,134.9	2,299.9	-5,383.8	-12,870.9	-8,179.6
(Increase)/Decrease in Derivatives and Other Financial Assets	-25.8	-374.9	0.0	0.0	1,314.4	-803.5	—	-511.0	—
(Increase)/Decrease in Loans and Advances to Customers	-81,400.6	-43,583.2	-74,173.0	-89,378.9	-17,191.6	-48,047.2	-31,506.4	-103,167.4	3,881.1
(Decrease)/Increase in Provisions for Damages	—	-6,767.9	-76.4	0.0	-443.4	-3,877.9	1.1	-1,481.2	—
(Increase)/Decrease in Other Operating Assets	2,195.8	-178.0	-3,397.9	-3,282.4	3,905.9	8,475.2	-12,099.5	-137.2	4,257.7
Increase/(Decrease) in Due to Government and Borrowings from State Bank	38,501.2	-2,457.0	62,848.2	-25,561.3	47,061.1	41,944.1	-30,694.4	62,847.2	2,469.7
Increase/(Decrease) in Placements and Borrowings from Other Credit Institutions	46,026.5	3,985.6	58,388.3	36,020.0	-11,769.7	17,273.6	-1,377.4	47,149.4	-42,350.6
Increase/(Decrease) in Deposits from Customers	9,497.5	60,568.1	25,284.0	77,569.3	-5,551.5	84,593.8	55,387.6	27,357.8	-48,372.0
Increase/(Decrease) in Valuable Papers Issued	1,993.6	4,016.0	-1,080.0	10,000.0	-9,960.0	-2,776.4	-0.2	-3,003.6	9,992.3
Increase/(Decrease) in Funds Received from Government and Institutions	—	-0.0	0.0	0.0	-0.5	0.5	-0.0	0.0	-0.4
Increase/(Decrease) in Derivatives and Other Financial Liabilities	—	—	-18.6	-259.2	306.4	-117.0	117.0	-91.4	-26.4
Increase/(Decrease) in Other Operating Liabilities	4,605.1	-8,075.2	2,517.8	3,454.3	1,461.3	2,376.4	-4,780.0	-9,461.8	14,486.3
Payments from Reserves	-1,330.2	-479.1	-386.4	-582.9	-1,176.6	-646.9	-646.9	-338.6	-1,244.3
Net Cash Flows from Operating Activities	35,398.2	9,947.3	81,546.6	37,917.3	-13,180.6	117,112.8	-15,216.6	20,401.1	-63,174.5
Purchase of Fixed Assets	-308.1	-607.9	-464.5	-194.9	-186.1	-531.2	-457.9	-358.1	-132.9
Receipts from Disposal of Fixed Assets	4.3	5.7	6.1	3.8	1.7	5.5	3.0	2.3	1.7
Payments for Disposal of Fixed Assets	-0.3	-0.6	-0.4	-0.2	-0.1	-0.8	-0.3	-0.1	-0.0
Payments for Investment in Other Entities	—	-60.2	—	—	—	—	—	—	—
Dividends and Profit Received	10.0	2.2	94.5	12.1	9.7	24.7	10.3	125.7	—
Net Cash Flows from Investing Activities	-294.1	-660.8	-364.3	-179.2	-174.9	-501.8	-444.9	-230.2	-130.5
Dividends Paid and Profits Distributed to Owners	—	-3,776.8	—	—	—	-20.0	—	—	—
Net Cash Flows from Financing Activities	—	-3,776.8	—	—	—	-20.0	—	—	—
Net Cash Flows during the Period	35,104.1	5,509.7	81,182.3	37,738.1	-13,355.5	116,591.1	-15,661.5	20,170.9	-63,305.0
Cash and Cash Equivalents at Beginning of the Period	541,688.8	536,179.1	454,996.8	417,258.7	430,614.2	314,023.1	329,684.6	309,513.7	372,818.7
Cash and Cash Equivalents at End of the Period	576,792.9	541,688.8	536,179.1	454,996.8	417,258.7	430,614.2	314,023.1	329,684.6	309,513.7

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