VPB released its H1 2026 results with TOI of VND43.4tn (USD1.6bn; +35% YoY) and consolidated PBT of VND18.9tn (USD718mn; +68% YoY), achieving 49% and 48% of our respective full-year forecasts. Q2 2026 alone delivered PBT of nearly VND11tn (+76% YoY; +38% QoQ). Overall, H1 2026 earnings were broadly in line with our full-year forecasts, underpinned by strong balance sheet growth and the rising contribution of subsidiaries.
- Credit outpaced both the system and our forecast: The parent bank's H1 2026 credit growth reached 24.8% (corporate bonds ~0.3% of total credit), far outpacing the systemwide credit growth of 8.4% and completing a large share of our full-year forecast of 35%. Growth was broad-based, led by real estate and wholesale & retail trade. Credit to real estate developers rose ~44% (27% of the loan book) and wholesale & retail trade ~28% (13% of the book), while the retail recovery gained traction – mortgages +10% (14% of the book) and household-business lending +21% (20% of the book).
- Solid funding base along with strong credit expansion: Consolidated funding (customer deposits plus valuable papers) grew 22.7% in H1 2026. The CASA ratio eased to 12.8% (-1.2 ppts YoY & QoQ). Valuable papers rose ~58%, driven by the Loc Thinh Vuong product for corporate customers. In June, VPB also arranged a USD1.44bn first sustainability-linked syndicated loan from 15 international financial institutions.
- Liquidity and capital buffers remains manageable: The regulated LDR stood at 84.5% (close to the 85% regulatory cap) and SFLR was 22.4% (well below the regulatory cap of 40%).The consolidated Basel II CAR was ~13%, among the high end in the sector.
- NIM slightly decreased QoQ due to funding-cost pressure: H1 2026 NIM came in at 4.98% (-27 bps YoY), below our full-year forecast of 5.29%, as higher funding costs outweighed improving asset yields. Q2 2026 NIM was 5.12% (-15 bps QoQ).
- NOII reached VND8.5tn (+60.6% YoY), completing ~49% of our full-year forecast. The print was underpinned by net fee income of VND5.6tn (+121% YoY), with contributions from both the parent bank and subsidiaries, and recovery income from written-off debts of VND2.2tn (+26% YoY). This was partly offset by a net FX loss of VND1.3tn (vs a gain in H1 2025) and softer securities-trading income.
- CIR reached a multi-year low level since 2022: the CIR was held to 20.6% (-5.2 ppts YoY), below our full-year forecast of 22.5% and among the lowest in our coverage.
- NPL ratio continued improvement while Group 2 loans inched up amid strong credit growth: The consolidated NPL ratio declined to 3.28% (-30 bps QoQ; -69 bps YoY). Group 2 loans level were 3.17% (+6 bps QoQ+13 bps YoY). LLR strengthened to 56.2% (+3.8 ppts QoQ; +4.0 ppts YoY), which indicates potential challenges in NPL formation in H2 2026 amid remaining high interest rate.
- OPES recorded H1 2026 PBT of VND613bn (nearly 3x YoY), supported by robust gross written premiums and VPB's ecosystem distribution. Meanwhile, GPBank (the weak bank supported by VPB, not consolidated) posted H1 2026 PBT of more than VND730bn – nearly 1.5x its 2025 result).
- FE Credit: FEC's H1 2026 PBT was nearly VND153bn vs ~VND611bn for FY2025. We continue to expect profitability to improve in 2H on seasonality, though elevated interest rates and current momentum indicates potential downside risks to our FY 2026 PBT forecast of VND823bn (+35% YoY), but not materially affect our group forecasts. Q2 2026 loan growth was flat QoQ (~6% in H1 2026) with NPL ratio of 19%(+1ppts QoQ; -1 ppts YoY), per our estimation.
- VPX (VPBankS) reported H1 2026 PBT of VND2,673bn (~USD99mn; roughly tripling YoY), driven by strong margin lending and its expanding investment-banking franchise, and advanced into the Top 8 brokerage firms by market share on HoSE. This completed ~42% of our full-year VPX forecast of VND6.3tn, a sharp acceleration after Q1 completed only 8% of guidance. H1 2026 margin lending and customer advance balances stood at VND38.2tn (~USD1.4bn; +12% vs end-2025), supported by competitive offerings, ecosystem strength, and strong capital. During Q2, VPX also completed the acquisition of an 11% stake in a fund management company, deepening VPB's wealth-management capabilities.
Figure 1: VPB’s consolidated H1 2026 results
VND bn | H1 2025 | H1 2026 | YoY | Q2 2025 | Q2 2026 | YoY |
NII | 26,834 | 34,934 | 30.2% | 13,452 | 17,973 | 33.6% |
Non-interest income | 5,266 | 8,458 | 60.6% | 2,885 | 5,510 | 91.0% |
TOI | 32,101 | 43,392 | 35.2% | 16,337 | 23,484 | 43.7% |
OPEX | (8,278) | (8,932) | 7.9% | (4,206) | (4,614) | 9.7% |
PPOP | 23,822 | 34,459 | 44.7% | 12,130 | 18,870 | 55.6% |
Provision expenses | (12,593) | (15,579) | 23.7% | (5,916) | (7,910) | 33.7% |
PBT | 11,229 | 18,880 | 68.1% | 6,215 | 10,959 | 76.3% |
NPAT-MI | 8,757 | 14,583 | 66.5% | 4,937 | 8,776 | 77.7% |
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Loan growth** | 18.8% | 23.0% | 4.2 ppts | 13.6% | 11.6% | -2.0 ppts |
Deposit growth** | 23.7% | 16.7% | -7.0 ppts | 8.8% | 7.3% | -1.4 ppts |
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NIM | 5.25% | 4.98% | -27 bps | 5.27% | 5.12% | -14 bps |
Interest-earning asset yield | 8.93% | 9.68% | 75 bps | 9.17% | 10.37% | 120 bps |
Cost of funds | 4.35% | 5.54% | 119 bps | 4.61% | 6.17% | 156 bps |
CASA ratio* | 13.9% | 12.8% | -1.2 ppts | 13.9% | 12.8% | -1.2 ppts |
CASA ratio plus term deposits in FX | 14.2% | 14.3% | 0.1 ppts | 14.2% | 14.3% | 0.1 ppts |
CIR | 25.8% | 20.6% | -5.2 ppts | 25.7% | 19.6% | -6.1 ppts |
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NPLs / Gross loans | 3.97% | 3.28% | -69 bps | 3.97% | 3.28% | -69 bps |
Group 2 loans / Gross loans | 3.03% | 3.17% | 13 bps | 3.03% | 3.17% | 13 bps |
Accrued interest / IEAs | 0.96% | 1.48% | 52 bps | 0.96% | 1.48% | 52 bps |
Source: VPB, Vietcap — *CASA volume includes demand deposits and margin deposits; **Q2 2026 and Q2 2025 loan and deposit growth is QoQ growth. H1 2025 and H2 2026 loan and deposit growth is 6M growth
Figure 2: VPB’s separate H1 2026 results
VND bn | H1 2025 | H1 2026 | YoY | Q2 2025 | Q2 2026 | YoY |
NII | 20,074 | 27,404 | 36.5% | 9,970 | 14,287 | 43.3% |
Non-interest income | 3,412 | 4,237 | 24.2% | 1,980 | 2,192 | 10.7% |
TOI | 23,486 | 31,641 | 34.7% | 12,158 | 16,479 | 35.5% |
OPEX | (5,901) | (6,653) | 12.7% | (3,058) | (3,408) | 11.4% |
PPOP | 17,585 | 24,988 | 42.1% | 9,100 | 13,071 | 43.6% |
Provision expenses | (6,890) | (9,421) | 36.7% | (3,347) | (4,888) | 46.1% |
PBT | 10,695 | 15,567 | 45.5% | 5,753 | 8,183 | 42.2% |
NPAT-MI | 8,598 | 12,453 | 44.8% | 4,644 | 6,547 | 41.0% |
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Loan growth** | 20.8% | 24.8% | 4.1 ppts | 14.7% | 12.6% | -2.2 ppts |
Deposit growth** | 26.8% | 15.9% | -10.9 ppts | 11.1% | 7.1% | -4.0 ppts |
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NIM | 4.14% | 4.19% | 5 bps | 4.12% | 4.37% | 26 bps |
Interest-earning asset yield | 7.75% | 8.86% | 111 bps | 7.94% | 9.60% | 166 bps |
Cost of funds | 4.20% | 5.34% | 114 bps | 4.45% | 5.98% | 153 bps |
CASA ratio* | 16.0% | 14.2% | -1.8 ppts | 16.0% | 14.2% | -1.8 ppts |
CASA ratio plus term deposits in FX | 16.3% | 15.7% | -0.5 ppts | 16.3% | 15.7% | -0.5 ppts |
CIR | 25.1% | 21.0% | -4.1 ppts | 25.2% | 20.7% | -4.5 ppts |
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NPLs / Gross loans | 2.81% | 2.41% | -40 bps | 2.81% | 2.41% | -40 bps |
Group 2 loans / Gross loans | 2.67% | 3.05% | 38 bps | 2.67% | 3.05% | 38 bps |
Accrued interest / IEAs | 0.86% | 1.38% | 52 bps | 0.86% | 1.38% | 52 bps |
Source: VPB, Vietcap — *CASA volume includes demand deposits and margin deposits; **Q2 2026 and Q2 2025 loan and deposit growth is QoQ growth. H1 2025 and H1 2026 loan and deposit growth is 6M growth.
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