VPB

Ngân hàng TMCP Việt Nam Thịnh Vượng ·HOSE ·2026Q1

▼ FUNDING UNDER PRESSURE

Operations are weakening LDR 124.3%, -1.7 pp QoQ
Price
26,450
Latest close
02 Jun 2026
P/B 1.1x
ROAE (TTM) 15.6%
NIM (TTM) 5.5%
ROAA (TTM) 2.2%
LDR 124.3%

Bank Picture

VPB bank opening narrative plan rendered.

LDR
124.3%
−1.7 pp QoQ
Market funding share
39.7%
+0.7 pp QoQ
Funding cost
4.28%
+0.5 pp YoY
Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Net Interest Income 16.960,6 16.767,2 15.061,2 13.451,8 13.355,8 13.193,0 12.155,8 12.408,2 11.323,4
NII Growth YoY +27% +27% +24% +8% +18%
NIM 5,51% 5,57% 5,62% 5,54% 5,99% 5,92%
Net Fee Income 2.064,5 2.477,6 2.392,0 1.370,0 1.168,8 1.541,9 1.147,6 1.880,6 1.553,8
Provision Expense 7.669,1 6.262,1 6.543,5 5.915,7 6.677,3 7.701,9 6.125,1 8.313,4 5.762,2
Net Profit After Tax 6.329,5 8.118,4 7.363,7 4.937,5 3.935,0 5.039,5 4.164,3 3.632,7 3.141,9
Net Income Growth YoY +61% +61% +77% +36% +25%

Drivers of VPB'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 11,128.0bn
Net fee income +VND 2,565.3bn
Provision for credit losses −VND 2,427.4bn
Other income +VND 1,091.4bn
Trading securities +VND 587.3bn
Operating expenses +VND 4,129.6bn
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 3,604.9bn
Net fee income +VND 895.7bn
Other income +VND 609.2bn
Investment securities +VND 149.2bn
Provision for credit losses +VND 991.8bn
FX & gold trading −VND 539.2bn

Financial Highlights

Detailed analysis of each financial dimension

Is credit clean?

very positive positive stable watch under pressure

Credit Quality

Is asset quality deteriorating?

Credit cost is in a watch zone at 2.34% of average earning assets.

Reserve buffer on gross loans is around 1.89%. LDR stands at 124.3%.

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

Watchpoints

Credit cost is elevated

Credit cost is at 2.34%, pointing to rising provisioning pressure.

LDR is stretched

LDR stands at 124.3%, leaving less room on liquidity.

Key signals

Credit cost 2.34% −0.1pp
Reserve / Gross loans 1.89% +0.0pp
LDR 124.3% −1.7pp

2026Q1

Is interest margin sustainable?

Interest Margin Quality

Is spread coming under pressure?

Spread deserves closer monitoring because funding cost is already at 4.28%, even if pressure is not yet as severe as in clearer compression cases.

In the period, NIM reached 5.51%, −0.5pp YoY; asset yield was 9.79%, +0.1pp; while funding cost was 4.28%, +0.5pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.

Watchpoints

Funding cost is elevated

Funding cost is 4.28%, pressuring net interest margin.

Key signals

NIM 5.51% −0.5pp
Asset yield 9.79% +0.1pp
Funding cost 4.28% +0.5pp

2026Q1

Earnings Mix

Is profit coming from core or supporting income sources?

Earnings remain primarily core-led, with NII contributing around 79.0% of total operating income.

Nii accounts for 79.0% of toi, fee income is 10.5% of toi, other income is 9.0% of toi, cir stands at 24.0%, net profit equals 33.9% of toi.

Watchpoints

Fee income is helping diversify the earnings mix

Fee income share is improving clearly enough to make the earnings mix less dependent on net interest income.

Key signals

NII / TOI 79.0% +0.2pp
Fee / TOI 10.5% +0.6pp
Other income / TOI 9.0% +0.3pp
CIR 24.0% −0.8pp

2026Q1

Is liquidity safe?

Funding & Liquidity

Are funding and capital buffers sufficiently safe?

LDR remains high at 124.3%, but liquidity pressure has at least eased somewhat versus last quarter.

Ldr stands at 124.3%, equity equals 13.6% of assets, customer funding accounts for 60.3% of interest-bearing funding, market funding accounts for 39.7%.

Watchpoints

LDR is stretched

LDR stands at 124.3%, leaving less room on liquidity.

Market funding dependence is high

Market funding now accounts for 39.7% of interest-bearing funding.

Key signals

LDR 124.3% −1.7pp
Equity / Assets 13.6% −0.7pp
Customer funding 60.3% −0.7pp
Market funding 39.7% +0.7pp

2026Q1

Profitability Quality

What is sustaining current profitability?

Profitability quality looks constructive, with ROAA at 2.26% and ROAE at 15.84%, primarily supported by spread.

Net income on average earning assets is 2.37%, nim stands at 5.51%, credit cost is 2.34%, cir stands at 24.0%, average leverage is around 7.00 times.

Key signals

ROAA 2.26% +0.0pp
ROAE 15.84% +1.0pp
NI / Avg EA 2.37% +0.1pp
Quarterly provision VND 7,669bn +22.5% QoQ

2026Q1

Investment Takeaway

VPB bank investment takeaway — funding under pressure. [Placeholder for EN translation.]

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Statement Data

Item 2025 2024
Net Interest Income
58,662.7 49,080.4
Net Fee and Commission Income
7,381.7 6,126.3
Operating Expenses
18,630.3 14,339.7
Operating Profit before Provision for Credit Losses
56,023.5 47,915.3
Provision for Credit Losses
25,398.5 27,902.6
Profit Before Tax
30,624.9 20,012.7
Net Profit After Tax
24,354.6 15,986.8
Net Profit Attributable to the Equity Holders of the Bank
23,989.9 15,778.8
Earnings per Share
3,024.00 1,989.00

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