--- title: MSB Q3 2026 Pre-Tax Profit Hits 2,017 Billion VND on NII description: MSB recorded a pre-tax profit of 2,017 billion VND in Q3 2026, up 27.1% year on year, bringing 9-month earnings to nearly 5,440 billion VND amid credit growth. url: https://ginity.vn/en/blog/msb-q3-2026-earnings-growth-nim-and-credit-expansion canonical: https://ginity.vn/en/blog/msb-q3-2026-earnings-growth-nim-and-credit-expansion markdown: https://ginity.vn/en/blog/msb-q3-2026-earnings-growth-nim-and-credit-expansion.md language: en datePublished: 2026-10-31T00:00:00+07:00 dateModified: 2026-10-31T00:00:00+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: - MSB sources: - name: MSB url: https://www.msb.com.vn/ve-chung-toi/tin-tuc-va-su-kien/ve-msb/msb-ghi-nhan-tang-truong-loi-nhuan-truoc-thue-quy-iii-dat-tren-27/ title: MSB records Q3 pre-tax profit growth of over 27% - name: Government News Portal url: https://baochinhphu.vn/msb-tang-toc-ngan-hang-so-tin-dung-tang-135-sau-9-thang-102261030171734779.htm title: MSB accelerates digital banking, credit grows 13.5% after 9 months - name: Government News Portal url: https://baochinhphu.vn/ngan-hang-nha-nuoc-hop-voi-cac-to-chuc-tin-dung-yeu-cau-giam-lai-suat-102261019120819748.htm title: State Bank of Vietnam meets credit institutions, requests interest rate reductions - name: VnExpress url: https://vnexpress.net/loi-nhuan-truoc-thue-quy-iii-msb-tang-27-5138878.html title: MSB Q3 pre-tax profit rises 27% - name: Tin nhanh Chứng khoán url: https://www.tinnhanhchungkhoan.vn/msb-ghi-nhan-loi-nhuan-truoc-thue-quy-iii2026-dat-2017-ty-dong-tang-hon-27-post400510.html title: MSB records Q3/2026 pre-tax profit of 2,017 billion VND, up over 27% - name: Dan Tri url: https://dantri.com.vn/kinh-doanh/msb-ghi-nhan-tang-truong-loi-nhuan-truoc-thue-quy-iii-dat-tren-27-20261030163813226.htm title: MSB records Q3 pre-tax profit growth of over 27% - name: CafeF url: https://cafef.vn/msb-tang-truong-loi-nhuan-truoc-thue-hon-27-trong-quy-iii-188261030155423323.chn title: MSB pre-tax profit grows over 27% in Q3 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 --- # MSB Q3 2026 Pre-Tax Profit Hits 2,017 Billion VND on NII > MSB recorded a pre-tax profit of 2,017 billion VND in Q3 2026, up 27.1% year on year, bringing 9-month earnings to nearly 5,440 billion VND amid credit growth. Gini · Companies & sectors · 2026-10-31 · https://ginity.vn/en/blog/msb-q3-2026-earnings-growth-nim-and-credit-expansion _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Pre-tax profit reached 2,017 billion VND in Q3 2026, climbing 27.1% year on year. - Net interest income in Q3 exceeded 3,422 billion VND, lifting the 9-month total to nearly 9,621 billion VND. - Customer loan balances reached nearly 233,000 billion VND as of 30/9/2026, up 13.5% from year-end 2025. - Consolidated cost-to-income ratio (CIR) in 9-month 2026 was kept under control at 37.3%. Vietnam Maritime Commercial Joint Stock Bank (ticker: [MSB](/en/companies/MSB)) has released its financial results for the third quarter of 2026, demonstrating positive momentum across core business operations. According to published financial information, an acceleration in net interest income along with reduced service fees and disciplined operating expenditure provided direct impetus, lifting the lender's pre-tax profit by 27.1% compared to the third quarter of 2025. According to figures announced by [MSB](https://www.msb.com.vn/ve-chung-toi/tin-tuc-va-su-kien/ve-msb/msb-ghi-nhan-tang-truong-loi-nhuan-truoc-thue-quy-iii-dat-tren-27/) on 30/10/2026 and reported by the [Government News Portal](https://baochinhphu.vn/msb-tang-toc-ngan-hang-so-tin-dung-tang-135-sau-9-thang-102261030171734779.htm), MSB recorded a pre-tax profit of 2,017 billion VND in Q3 2026, up 27.1% year on year compared to Q3 2025. In 9-month 2026, cumulative consolidated pre-tax profit reached nearly 5,440 billion VND. This outcome reflects steady earnings generation capacity against the backdrop of broad banking system efforts to support domestic economic credit growth. ```chart { "preset": "sector-columns", "label": "Key Consolidated Financial Figures of MSB in 9-Month 2026", "caption": "Source: MSB disclosure on 30/10/2026. Pre-tax profit, net interest income, and total operating income in 9-month 2026. Unit: billion VND.", "params": { "values": [5440, 9621, 11030], "labels": ["Pre-Tax Profit", "Net Interest Income", "Total Operating Income"], "unit": "Billion VND", "highlight": 0 } } ``` ## Q3 Pre-Tax Profit Climbs 27% on Core Banking Growth Traditional lending activities accounted for the primary share within the bank's earnings structure. According to financial disclosures reported by [Tin nhanh Chứng khoán](https://www.tinnhanhchungkhoan.vn/msb-ghi-nhan-loi-nhuan-truoc-thue-quy-iii2026-dat-2017-ty-dong-tang-hon-27-post400510.html) on 30/10/2026, MSB generated over 3,422 billion VND in consolidated net interest income during Q3 2026, representing an increase of nearly 21.6% compared to Q3 2025. Over the first 9 months of 2026, cumulative net interest income climbed to nearly 9,621 billion VND, gaining more than 21.7% year on year. According to figures published by [Dan Tri](https://dantri.com.vn/kinh-doanh/msb-ghi-nhan-tang-truong-loi-nhuan-truoc-thue-quy-iii-dat-tren-27-20261030163813226.htm) on 30/10/2026, MSB recorded a consolidated net interest margin (NIM) of 3.2% in 9-month 2026. Beyond credit operations, non-interest fee activities also increased in Q3 2026. According to data reported by [VnExpress](https://vnexpress.net/loi-nhuan-truoc-thue-quy-iii-msb-tang-27-5138878.html) on 30/10/2026, net fee and commission income reached more than 302 billion VND in Q3 2026, up over 51.4% compared to the same period in 2025. The core driver of this fee recovery was a 13.1% rise in fee revenue accompanied by a sharp 31.9% reduction in fee expenses, lifting cumulative net fee income in 9-month 2026 to approximately 846 billion VND. Below is a summary of key consolidated financial indicators of MSB in Q3 and 9-month 2026: | Financial Indicator | Q3 2026 | Q3 YoY Growth | 9-Month 2026 | 9-Month YoY Growth | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | Over 3,422 billion VND | +21.6% | Nearly 9,621 billion VND | +21.7% | | Net Fee Income | Over 302 billion VND | +51.4% | Approximately 846 billion VND | - | | Total Operating Income (TOI) | - | - | Nearly 11,030 billion VND | +8.2% | | Pre-Tax Profit | 2,017 billion VND | +27.1% | Nearly 5,440 billion VND | - | | Net Interest Margin (NIM) | - | - | 3.2% | - | | Cost to Income Ratio (CIR) | - | - | 37.3% | - | Source: Compiled from financial data disclosed by [MSB](https://www.msb.com.vn/ve-chung-toi/tin-tuc-va-su-kien/ve-msb/msb-ghi-nhan-tang-truong-loi-nhuan-truoc-thue-quy-iii-dat-tren-27/), [VnExpress](https://vnexpress.net/loi-nhuan-truoc-thue-quy-iii-msb-tang-27-5138878.html) and [Tin nhanh Chứng khoán](https://www.tinnhanhchungkhoan.vn/msb-ghi-nhan-loi-nhuan-truoc-thue-quy-iii2026-dat-2017-ty-dong-tang-hon-27-post400510.html). Investors can examine funding cost trends and net interest margin dynamics across listed commercial lenders in our detailed review of [ACB Q3 2026 financial performance](/en/blog/acb-q3-2026-nim-expansion-credit-costs). ## Revenue Structure and Cost to Income Ratio at 37.3% The simultaneous expansion of net interest revenue and fee-generating services lifted total consolidated operating income (TOI) in 9-month 2026 to nearly 11,030 billion VND, an increase of almost 8.2% compared to 9-month 2025, according to coverage published by [CafeF](https://cafef.vn/msb-tang-truong-loi-nhuan-truoc-thue-hon-27-trong-quy-iii-188261030155423323.chn) on 30/10/2026. Regarding operating expenses, according to financial data reported by [Tin nhanh Chứng khoán](https://www.tinnhanhchungkhoan.vn/msb-ghi-nhan-loi-nhuan-truoc-thue-quy-iii2026-dat-2017-ty-dong-tang-hon-27-post400510.html) on 30/10/2026, consolidated operating expenses in 9-month 2026 grew by only 6.7% year on year, remaining beneath total revenue growth (+8.2%). As a result, the bank's consolidated cost-to-income ratio (CIR) in 9-month 2026 stood at 37.3%. The cost-to-income ratio provides an essential metric to measure operating discipline across commercial banking institutions: $$\text{Cost to Income Ratio (CIR)} = \frac{\text{Operating Expenses}}{\text{Total Operating Income}} \times 100\%$$ Based on our calculation from published 9-month 2026 financial metrics, with total operating income reaching nearly 11,030 billion VND and the CIR recorded at 37.3%, operating expenses amounted to approximately 4,114.19 billion VND, calculated from published figures. Alongside financial discipline, MSB sustained significant investments in digital banking architecture, big data, and artificial intelligence (AI). According to information published by the [Government News Portal](https://baochinhphu.vn/msb-tang-toc-ngan-hang-so-tin-dung-tang-135-sau-9-thang-102261030171734779.htm) on 30/10/2026, since June 2026 the lender has simultaneously rolled out two new digital platforms dedicated to individual and enterprise clients. This technological foundation enables the bank to integrate wealth management, insurance, and investment products, broadening its digital ecosystem and diversifying non-interest revenues over the medium and long term. ## Credit Expands 13.5% and Retail Deposit Base Quality The lender's balance sheet expanded over the first 9 months of 2026. According to figures published by the [Government News Portal](https://baochinhphu.vn/msb-tang-toc-ngan-hang-so-tin-dung-tang-135-sau-9-thang-102261030171734779.htm) on 30/10/2026, as of 30/9/2026, MSB's total consolidated assets stood at nearly 440,000 billion VND, up 7.9% compared to year-end 2025. Customer loan balances reached nearly 233,000 billion VND, logging an expansion of 13.5% from the end of 2025. Simultaneously, customer deposits as of 30/9/2026 stood at nearly 217,400 billion VND, gaining approximately 10.5% against the close of 2025. According to figures reported by [VnExpress](https://vnexpress.net/loi-nhuan-truoc-thue-quy-iii-msb-tang-27-5138878.html) on 30/10/2026, deposits from individual clients and small and medium-sized enterprises (SMEs) totaled 134,000 billion VND, accounting for 61.6% of total customer deposits as of 30/9/2026, an increase of 12.7% compared to year-end 2025. The 13.5% credit expansion recorded by MSB unfolded alongside system-wide momentum across Vietnam's banking sector. According to information published by the [Government News Portal](https://baochinhphu.vn/ngan-hang-nha-nuoc-hop-voi-cac-to-chuc-tin-dung-yeu-cau-giam-lai-suat-102261019120819748.htm) on 19/10/2026, during a meeting with executive leaders of 46 commercial banks, the State Bank of Vietnam indicated that banking system credit had expanded by 11.44% through mid-October 2026, while capital mobilization increased by 11.22%. In directives issued on 18/10/2026, the central bank instructed credit institutions to reduce deposit interest rates on tenors of 6 months or longer by at least 0.5% per year, and lower lending rates for production and business activities by 1.5% to 2% per year, while maintaining rigorous systemic safety. Investors can gain further context on broader banking system indicators through our analysis of [money supply and credit growth dynamics](/en/blog/money-supply-and-credit-growth). For comparative perspectives on asset quality and provisioning expenses across private lenders, read our report on [VPBank Q3 2026 earnings and asset quality](/en/blog/vpb-q3-2026-earnings-and-asset-quality). ## Capital Expansion to 46,800 Billion VND and Valuation To fortify its capital adequacy foundation and secure resources for strategic initiatives, MSB actively executed charter capital increase milestones during 2026. According to figures published by the [Government News Portal](https://baochinhphu.vn/msb-tang-toc-ngan-hang-so-tin-dung-tang-135-sau-9-thang-102261030171734779.htm) on 30/10/2026, during 2026 the bank completed the issuance of 624 million shares funded from equity reserves at a 20% ratio, elevating its charter capital from 31,200 billion VND to 37,440 billion VND. Following this bonus share distribution, the lender is advancing a public offering to existing shareholders to raise charter capital to a maximum of 46,800 billion VND, according to data published by [CafeF](https://cafef.vn/msb-tang-truong-loi-nhuan-truoc-thue-hon-27-trong-quy-iii-188261030155423323.chn) on 30/10/2026. Based on our calculation from published data, if the public offering is fully completed, charter capital will increase by 9,360 billion VND, representing a 25% enlargement over the current equity base. At the close of trading on 29/10/2026, according to figures reported by [VnExpress](https://vnexpress.net/loi-nhuan-truoc-thue-quy-iii-msb-tang-27-5138878.html) on 30/10/2026, MSB closed at 16,050 VND per share. This represents the stock's highest closing price since its official listing on the Ho Chi Minh City Stock Exchange (HOSE). This equity valuation lifted MSB's market capitalization past 60,000 billion VND, equivalent to roughly 2.3 billion USD, logging a 56% appreciation since the beginning of 2026 according to financial figures published by [CafeF](https://cafef.vn/msb-tang-truong-loi-nhuan-truoc-thue-hon-27-trong-quy-iii-188261030155423323.chn) on 30/10/2026. This article synthesizes information from publicly cited sources for informational purposes only and does not constitute investment advice. ## Sources - MSB: [MSB records Q3 pre-tax profit growth of over 27%](https://www.msb.com.vn/ve-chung-toi/tin-tuc-va-su-kien/ve-msb/msb-ghi-nhan-tang-truong-loi-nhuan-truoc-thue-quy-iii-dat-tren-27/) (30/10/2026) - Government News Portal: [MSB accelerates digital banking, credit grows 13.5% after 9 months](https://baochinhphu.vn/msb-tang-toc-ngan-hang-so-tin-dung-tang-135-sau-9-thang-102261030171734779.htm) (30/10/2026) - Government News Portal: [State Bank of Vietnam meets credit institutions, requests interest rate reductions](https://baochinhphu.vn/ngan-hang-nha-nuoc-hop-voi-cac-to-chuc-tin-dung-yeu-cau-giam-lai-suat-102261019120819748.htm) (19/10/2026) - VnExpress: [MSB Q3 pre-tax profit rises 27%](https://vnexpress.net/loi-nhuan-truoc-thue-quy-iii-msb-tang-27-5138878.html) (30/10/2026) - Tin nhanh Chứng khoán: [MSB records Q3/2026 pre-tax profit of 2,017 billion VND, up over 27%](https://www.tinnhanhchungkhoan.vn/msb-ghi-nhan-loi-nhuan-truoc-thue-quy-iii2026-dat-2017-ty-dong-tang-hon-27-post400510.html) (30/10/2026) - Dan Tri: [MSB records Q3 pre-tax profit growth of over 27%](https://dantri.com.vn/kinh-doanh/msb-ghi-nhan-tang-truong-loi-nhuan-truoc-thue-quy-iii-dat-tren-27-20261030163813226.htm) (30/10/2026) - CafeF: [MSB pre-tax profit grows over 27% in Q3](https://cafef.vn/msb-tang-truong-loi-nhuan-truoc-thue-hon-27-trong-quy-iii-188261030155423323.chn) (30/10/2026) --- _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._