--- title: "ACB Q3 2026: NIM Expansion and Rising Credit Costs" description: In 9M 2026, ACB posted VND 16.6 trillion in pre-tax profit as Q3 NIM recovered to 3.08% despite elevated credit provisions from CIC debt classifications. url: https://ginity.vn/en/blog/acb-q3-2026-nim-expansion-credit-costs canonical: https://ginity.vn/en/blog/acb-q3-2026-nim-expansion-credit-costs markdown: https://ginity.vn/en/blog/acb-q3-2026-nim-expansion-credit-costs.md language: en datePublished: 2026-10-28T00:00:00+07:00 dateModified: 2026-10-28T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: equity name: Companies & sectors url: https://ginity.vn/en/topics/equity tickers: - ACB - TCB - VPB sources: - name: HOSE url: https://staticfile.hsx.vn/hsx-upstream/dinhkem/20261027/20261027%20-%20ACB%20-%20Giai%20trinh%20bien%20dong%20LNST%20Quy%203%20nam%202026%20VN.pdf title: ACB earnings and financial statements disclosure for Q3 2026 - name: Vietcap url: https://www.vietcap.com.vn/research/acb-q3-2026-update title: ACB Q3 2026 earnings update and credit cost outlook - name: CafeF url: https://cafef.vn/kqkd-acb-9-thang-2026-tin-dung-tang-115-fitchratings-nang-xep-hang-tin-nhiem-len-bb-trien-vong-on-dinh-18826102706574652.chn title: ACB 9M 2026 business performance and credit growth - name: VNDIRECT url: https://www.vndirect.com.vn/research/vietnam-banking-sector-q3-2026 title: Vietnam banking sector Q3 2026 update - name: Government News url: https://baochinhphu.vn/kinh-te-xa-hoi-quy-3-2026-102261025000000001.htm title: Socio-economic situation and banking operations in Q3 2026 - name: State Bank of Vietnam url: https://sbv.gov.vn/webcenter/portal/vi/menu/trangchu/hdnh/hoat-dong-tin-dung-2026 title: Credit growth statistics and commercial banking safety ratios in 2026 publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # ACB Q3 2026: NIM Expansion and Rising Credit Costs > In 9M 2026, ACB posted VND 16.6 trillion in pre-tax profit as Q3 NIM recovered to 3.08% despite elevated credit provisions from CIC debt classifications. Gini · Companies & sectors · 2026-10-28 · https://ginity.vn/en/blog/acb-q3-2026-nim-expansion-credit-costs _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - ACB generated 9M 2026 total operating income of VND 27.9 trillion (+9.2% YoY) and pre-tax profit of VND 16.6 trillion (+3.4% YoY). - Net interest margin (NIM) recovered to 3.08% in Q3 2026 supported by stable funding costs and a CASA deposit ratio of 22.0%. - Standalone NPL ratio stood at 1.04% while NPL including CIC debt reached 1.18%, bringing loan loss coverage to 91.0%. - Compared with 9M 2026 profit growth of 23.7% at TCB and 46.7% at VPB, ACB maintained disciplined retail underwriting with a capital adequacy ratio (CAR) of 12.0%. According to reported financial statements from Asia Commercial Joint Stock Bank ([ACB (ACB)](/en/companies/ACB)), the lender generated total operating income (TOI) of VND 27.9 trillion in the first nine months of 2026, up 9.2% compared with the same period in 2025. Consolidated pre-tax profit reached VND 16.6 trillion in 9M 2026, representing 3.4% year-on-year growth and completing 74.0% of its full-year 2026 earnings target. According to reported quarterly data, the primary operational highlight was the sequential rebound in its [net interest margin (NIM)](/en/glossary/nim) to 3.08% in Q3 2026 after bottoming in Q2 2026. However, earnings momentum decelerated due to increased credit provision expenses, driven by cross-institutional debt classifications under the Credit Information Center (CIC) framework. ## Nine-month operating income and profit momentum According to consolidated financial disclosures submitted to the Ho Chi Minh City Stock Exchange (HOSE), ACB recorded total operating income of VND 9.5 trillion in Q3 2026, up 10.5% compared with Q3 2025. Net interest income remained the core earnings driver, generating VND 7.8 trillion in Q3 2026 and bringing cumulative 9M 2026 net interest income to VND 23.0 trillion, an increase of 16.0% compared with 9M 2025. According to reported non-interest income figures from ACB, net fee and commission income reached VND 2.6 trillion in 9M 2026, up 16.0% year-on-year, driven by international trade settlement and credit card transaction fees. Other operating income contributed VND 2.3 trillion in 9M 2026, while subsidiaries generated VND 1.1 trillion in pre-tax profit, led by ACBS Securities with VND 793 billion. According to research published by Vietcap Securities, ACB achieved pre-tax profit of VND 5,879 billion in Q3 2026 alone, up 9.0% compared with Q3 2025. The bank maintained an efficient cost-to-income ratio (CIR) of 31.0% in Q3 2026 through disciplined operational expenditure and digital banking channels. Cumulative pre-tax profit for 9M 2026 reached VND 16.6 trillion, compared with VND 16.1 trillion in 9M 2025. ## Net interest margin recovery and funding dynamics Net interest margin (NIM) serves as an essential gauge of banking asset profitability, calculated as net interest income divided by average interest-earning assets: $$\text{Net Interest Margin (NIM)} = \frac{\text{Net Interest Income}}{\text{Average Earning Assets}} \times 100\%$$ According to estimates from VNDIRECT Securities, ACB's net interest margin reached 3.08% in Q3 2026, recovering 8 basis points from 3.00% in Q2 2026. This expansion stemmed from stable lending yields in Q3 2026 alongside funding cost containment across retail and corporate deposit bases. According to ACB's Q3 2026 earnings report, total resource mobilization reached VND 807 trillion as of September 30, 2026, representing 12.3% growth since the beginning of 2026. Customer deposits stood at VND 596 trillion, expanding 3.4% during Q3 2026. The bank's [CASA ratio](/en/glossary/casa) stabilized at 22.0% as of September 30, 2026, with demand deposit balances rising 2.0% in Q3 2026. ACB also completed a USD 500 million syndicated international loan in Q3 2026 to optimize medium-term funding costs. According to regulatory data from the State Bank of Vietnam, ACB's loan-to-deposit ratio (LDR) stood at 79.0% as of September 30, 2026, safely below the 85.0% statutory ceiling under Circular 25. The ratio of short-term funds used for medium- and long-term loans stood at 28.0% as of September 30, 2026, well within the 40.0% regulatory ceiling. ## Asset quality and credit provision pressures Despite stable operating revenues, ACB's 9M 2026 bottom-line growth was tempered by increased credit risk provisioning. The credit cost ratio reflects provisioning charges relative to the outstanding credit portfolio: $$\text{Credit Cost Ratio} = \frac{\text{Credit Provision Expenses}}{\text{Average Outstanding Credit}} \times 100\%$$ According to disclosures by ACB, outstanding customer loans reached VND 765 trillion as of September 30, 2026, representing an 11.5% expansion from the beginning of 2026 and aligning with its annual credit growth quota. On a standalone basis, the internal non-performing loan (NPL) ratio was 1.04% as of September 30, 2026. However, including debt reclassified under the national CIC registry, the NPL ratio stood at 1.18% as of September 30, 2026. According to Vietcap Securities, bad debts impacted by CIC classifications at ACB increased by more than 40% in Q3 2026, as certain corporate borrowers were downgraded by other commercial lenders. Complying with loan loss classification guidelines under Circular 31 prompted elevated credit provisions in 9M 2026 relative to the low base of 2025. Nevertheless, in Q3 2026 alone, credit provisions decreased 12.0% compared with Q2 2026 as delinquent exposures stabilized. According to Q3 2026 balance sheet data, ACB's standalone loan loss reserve coverage (LLR) reached 104.0% as of September 30, 2026, while coverage including CIC debt was 91.0%, providing a conservative risk cushion against macroeconomic fluctuations in 2026. ## Comparative analysis with Techcombank and VPBank Within Vietnam's private commercial banking landscape in Q3 2026, ACB's conservative retail strategy presents distinct trade-offs when contrasted with [Techcombank (TCB)](/en/companies/TCB) and [VPBank (VPB)](/en/companies/VPB). | Key Financial Metric | ACB (ACB) | Techcombank (TCB) | VPBank (VPB) | | :--- | :--- | :--- | :--- | | 9M 2026 credit expansion | 11.5% | 16.7% | 18.2% | | Q3 2026 net interest margin (NIM) | 3.08% | 4.15% | 4.90% | | CASA deposit ratio as of September 30, 2026 | 22.0% | 40.5% | 16.8% | | Non-performing loan ratio (NPL) as of September 30, 2026 | 1.04% (1.18% with CIC) | 1.36% | 3.11% | | Loan loss reserve coverage (LLR) as of September 30, 2026 | 104.0% (91.0% with CIC) | 107.1% | 78.5% | | Total operating income (TOI) in 9M 2026 | VND 27.9 trillion | VND 37.2 trillion | VND 45.6 trillion | | Pre-tax profit in 9M 2026 | VND 16.6 trillion | VND 28.9 trillion | VND 29.9 trillion | | Pre-tax profit YoY growth in 9M 2026 | +3.4% | +23.7% | +46.7% | | Price-to-book valuation multiple (P/B) in October 2026 | 1.28x | 1.22x | 1.18x | Source: Compiled from Q3 2026 financial statements of ACB, TCB, VPB, and Vietcap research. According to reported bank disclosures, Techcombank achieved VND 28.9 trillion in pre-tax profit during 9M 2026, up 23.7% compared with 9M 2025. Techcombank's profitability was supported by an industry-leading CASA ratio of 40.5% as of September 30, 2026, preserving its NIM at 4.15% in Q3 2026 and sustaining credit expansion of 16.7% in 9M 2026. According to financial statements published by VPBank, the bank recorded VND 29.9 trillion in pre-tax profit in 9M 2026, surging 46.7% compared with 9M 2025. Benefiting from retail scale and recovery at consumer finance arm FE Credit, VPBank maintained the peer group's highest NIM at 4.90% in Q3 2026 and credit expansion of 18.2% in 9M 2026. In contrast, VPBank carried a consolidated NPL ratio of 3.11% as of September 30, 2026 and an LLR of 78.5%, necessitating sustained provisioning. According to reported earnings figures from ACB, the bank maintained moderate credit expansion of 11.5% in 9M 2026 to prioritize balance sheet quality. With a low standalone NPL ratio of 1.04% as of September 30, 2026 and a 91.0% coverage buffer including CIC debt, ACB accepted modest 3.4% profit growth in 9M 2026 in exchange for asset safety. ## Valuation multiples and operational outlook ACB's underwriting standards received international recognition in October 2026. According to rating agency statements, Fitch Ratings upgraded ACB's Long-Term Issuer Default Rating by one notch with a Stable Outlook in October 2026, while Moody's revised its rating outlook to Positive. Consolidated capital adequacy (CAR) under Circular 14 reached 12.0% as of September 30, 2026, supporting measured balance sheet expansion. According to market trading data on HOSE in October 2026, ACB traded at a [P/B](/en/glossary/pb) multiple of 1.28x and a trailing 12-month [P/E](/en/glossary/pe) of 7.6x. Compared with TCB at 1.22x and VPB at 1.18x in October 2026, ACB retained a modest valuation premium reflecting investor preference for low credit volatility. According to equity analysts at Vietcap and VNDIRECT in October 2026, ACB's Q4 2026 operational trajectory will depend on recovering debt classified under CIC and defending NIM above 3.05% amid rising deposit competition in late 2026. Readers can explore detailed bank earnings coverage at the Ginity [equity desk](/en/topics/equity). ## Sources - HOSE: [ACB earnings and financial statements disclosure for Q3 2026](https://staticfile.hsx.vn/hsx-upstream/dinhkem/20261027/20261027%20-%20ACB%20-%20Giai%20trinh%20bien%20dong%20LNST%20Quy%203%20nam%202026%20VN.pdf) (27/10/2026) - Vietcap: [ACB Q3 2026 earnings update and credit cost outlook](https://www.vietcap.com.vn/research/acb-q3-2026-update) (27/10/2026) - CafeF: [ACB 9M 2026 business performance and credit growth](https://cafef.vn/kqkd-acb-9-thang-2026-tin-dung-tang-115-fitchratings-nang-xep-hang-tin-nhiem-len-bb-trien-vong-on-dinh-18826102706574652.chn) (27/10/2026) - VNDIRECT: [Vietnam banking sector Q3 2026 update](https://www.vndirect.com.vn/research/vietnam-banking-sector-q3-2026) (26/10/2026) - Government News: [Socio-economic situation and banking operations in Q3 2026](https://baochinhphu.vn/kinh-te-xa-hoi-quy-3-2026-102261025000000001.htm) (25/10/2026) - State Bank of Vietnam: [Credit growth statistics and commercial banking safety ratios in 2026](https://sbv.gov.vn/webcenter/portal/vi/menu/trangchu/hdnh/hoat-dong-tin-dung-2026) (20/10/2026) --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._