--- title: Sacombank Q3 2026 Profit Falls 52% on Heavy Loan Provisions description: Sacombank posted Q3 2026 pre-tax profit of VND 1,757 billion, down 52% year-on-year, as credit risk provisions jumped 5.5-fold to VND 5,729 billion. url: https://ginity.vn/en/blog/sacombank-profit-drop-q3-2026 canonical: https://ginity.vn/en/blog/sacombank-profit-drop-q3-2026 markdown: https://ginity.vn/en/blog/sacombank-profit-drop-q3-2026.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: macro name: Macro & monetary url: https://ginity.vn/en/topics/macro tickers: - STB - ACB - TCB - VPB sources: - name: Government News 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 to Urge Rate Cuts - name: Government News url: https://xaydungchinhsach.chinhphu.vn/cong-van-9736-nhnn-cstt-ve-giam-mat-bang-lai-suat-119261022085552481.htm title: Official Dispatch 9736/NHNN-CSTT on Lowering Interest Rate Levels - name: CafeF url: https://cafef.vn/ngan-hang-tu-nhan-thu-5-cua-viet-nam-vuot-moc-tai-san-1-trieu-ty-dong-188261027154652914.chn title: Fifth Private Commercial Bank in Vietnam Surpasses VND 1 Quadrillion in Assets - name: Vietstock url: https://finance.vietstock.vn/stb/tai-chinh.htm title: Financial Data and Q3 2026 Consolidated Financial Statements of Sacombank - name: CafeF url: https://cafef.vn/cap-nhat-bao-cao-tai-chinh-quy-3-2026-sang-ngay-28-10-acb-lai-gan-5900-ty-dong-loi-nhuan-hodeco-giam-90-188261028000500098.chn title: Q3 2026 Financial Statements Update on October 28 - name: VNDirect url: https://www.vndirect.com.vn/STB_BCCapnhat_20260415.pdf title: Banking Sector and Sacombank Equity Research Report 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 --- # Sacombank Q3 2026 Profit Falls 52% on Heavy Loan Provisions > Sacombank posted Q3 2026 pre-tax profit of VND 1,757 billion, down 52% year-on-year, as credit risk provisions jumped 5.5-fold to VND 5,729 billion. Gini · Macro & monetary · 2026-10-28 · https://ginity.vn/en/blog/sacombank-profit-drop-q3-2026 _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Sacombank posted Q3 2026 pre-tax profit of VND 1,757 billion, down 52% year-on-year amid an aggressive surge in credit provision expenses. - Credit risk provisions in Q3 2026 expanded 5.5-fold to VND 5,729 billion, bringing aggregate 9M 2026 provisions to VND 12,848 billion. - The bank bad debt ratio climbed to 7.33% as of September 30, 2026, with total non-performing loans across groups 3 to 5 reaching VND 51,367 billion. - Net interest income in Q3 2026 shrank 33.6% to VND 5,228 billion as interest expenses jumped 64.8%, compressing net interest margin. According to consolidated third-quarter financial statements released on October 27, 2026, [Sacombank (STB)](/en/companies/STB) recorded pre-tax profit of VND 1,757 billion, dropping 52% compared to VND 3,657 billion in Q3 2025. This downturn occurred even as total assets expanded past VND 1,057,000 billion as of September 30, 2026, establishing Sacombank as the fifth private joint-stock commercial lender in Vietnam to surpass VND 1,000,000 billion in total assets. This balance sheet shift provides essential evidence for the [Macro desk](/en/topics/macro) regarding credit risk distribution across commercial banking institutions. ## Pre-Tax Profit Drops 52% in Q3 2026 According to Sacombank consolidated balance sheet filings, net profit after tax in Q3 2026 stood at VND 1,347 billion, down 53.6% compared to Q3 2025. Over the first nine months of 2026, cumulative pre-tax profit reached VND 5,893 billion, falling 46.4% from VND 10,988 billion recorded in 9M 2025. Cumulative net profit after tax reached VND 4,278 billion in 9M 2026, marking a 50.8% decrease. According to reporting from [CafeF](https://cafef.vn/ngan-hang-tu-nhan-thu-5-cua-viet-nam-vuot-moc-tai-san-1-trieu-ty-dong-188261027154652914.chn), the decline in quarterly profit did not stem from operational cost overruns or non-interest revenues. In Q3 2026, net fee and commission income rose to VND 4,255 billion, expanding more than 6-fold from VND 673 billion in Q3 2025. Foreign exchange trading generated net gains of VND 711 billion, rising nearly 3.7-fold year-on-year. Other operating income generated VND 94 billion, rising 82%. Investment securities trading booked net income of nearly VND 9 billion, rebounding from a net loss of VND 155 billion in Q3 2025. According to financial report disclosures, operating expenses across 9M 2026 stood at VND 9,053 billion, down 19.3% compared to 9M 2025. The lender reduced more than 4,200 staff positions during the first nine months of 2026 to curb administrative overhead. Total operating income across 9M 2026 rose 11.7% to VND 28,195 billion. Pre-provision operating profit reached VND 7,486 billion in Q3 2026, representing a 59.3% increase compared to Q3 2025. However, this operating expansion was overtaken by credit risk provisioning. ## Loan Loss Provisions Surge to VND 5,729 Billion According to Q3 2026 financial statements, credit risk provision expenses at Sacombank surged to VND 5,729 billion, representing a 5.5-fold increase over VND 1,044 billion in Q3 2025. Over the first nine months of 2026, cumulative credit provisions totaled VND 12,848 billion, nearly six times the VND 2,152 billion booked in 9M 2025. These credit provisioning expenses absorbed 76.5% of pre-provision operating profit in Q3 2026, reducing final earnings. According to principles detailed in [reading bank financial statements](/en/blog/reading-bank-financial-statements), credit cost measures the ratio of provision expenses relative to average customer lending balances. The metric follows this formula: $$\text{Credit Cost} = \frac{\text{Credit Risk Provision Expenses}}{\text{Average Loan Balances}}$$ According to balance sheet data as of September 30, 2026, the annualized credit cost ratio for Sacombank exceeded 3.3% in Q3 2026, rising sharply from below 0.8% in Q3 2025. Stepping up provisions reflects regulatory requirements to build capital reserves against classified non-performing assets. ## Bad Debt Ratio Reaches 7.33% as NPLs Expand According to third-quarter disclosures published on [Vietstock](https://finance.vietstock.vn/stb/tai-chinh.htm), gross customer loans at Sacombank reached VND 682,457 billion as of September 30, 2026, up 12.5% from VND 606,336 billion at the beginning of 2026. However, delinquent debt balances expanded through Q3 2026. According to balance sheet disclosures as of September 30, 2026, aggregate non-performing loans across groups 3, 4, and 5 increased to VND 51,367 billion. This volume raised the non-performing loan ratio to 7.33% of gross customer loans, up from 6.41% at the start of 2026. Non-performing loan balances as of September 30, 2026 consisted of: subprime loans (group 3) at VND 19,359 billion; doubtful loans (group 4) at VND 9,441 billion; and potential loss loans (group 5) at VND 22,567 billion. According to research from [VNDirect Securities](https://www.vndirect.com.vn/STB_BCCapnhat_20260415.pdf), the expansion in groups 3 through 5 triggered mandatory provisioning under State Bank of Vietnam loan classification rules. Group 5 debt alone accounted for 43.9% of total non-performing loans, requiring up to 100% specific provisioning after eligible collateral deductions and elevating quarterly provision expenses. ## NIM Compresses Under Higher Funding Costs According to Q3 2026 earnings filings, net interest income at Sacombank dropped 33.6% year-on-year to VND 5,228 billion, down from VND 7,874 billion in Q3 2025. Across the first nine months of 2026, cumulative net interest income reached VND 17,517 billion, contracting 17.8% year-on-year. According to notes to the financial statements for Q3 2026, gross interest income rose 16.2% to VND 18,535 billion from VND 15,947 billion in Q3 2025. However, interest expenses jumped 64.8% to VND 13,307 billion compared to VND 8,073 billion in Q3 2025. In accordance with [Official Dispatch 9736/NHNN-CSTT](https://xaydungchinhsach.chinhphu.vn/cong-van-9736-nhnn-cstt-ve-giam-mat-bang-lai-suat-119261022085552481.htm) dated October 21, 2026 and directives from the [October 19, 2026 central bank conference](https://baochinhphu.vn/ngan-hang-nha-nuoc-hop-voi-cac-to-chuc-tin-dung-yeu-cau-giam-lai-suat-102261019120819748.htm), commercial banks reduced lending interest rates by 1.5% to 2.0% per annum during late 2026. Sacombank introduced lower loan yields to support priority corporate borrowers, compressing earning asset yields before deposit costs could adjust downward. According to deposit mobilization figures as of September 30, 2026, customer deposits at Sacombank reached VND 775,422 billion, up 25.4% from VND 618,342 billion at the start of 2026. The bank current account and savings account (CASA) ratio stood at approximately 18.5% as of September 30, 2026. With modest low-cost CASA balances, the bank relied heavily on higher-yielding term deposits, elevating overall cost of funds in Q3 2026. Consequently, Sacombank net interest margin compressed to approximately 2.85% in Q3 2026, down from 3.65% in Q3 2025. ## Peer Comparison With ACB, Techcombank, and VPBank According to sector observations in the [Vietnam banking Q3 2026 report](/en/blog/vietnam-banking-q3-2026-nim-and-npl), earnings across commercial banks diverged sharply in the third quarter of 2026. While peers sustained earnings growth through tight loan underwriting or high margin lending, Sacombank faced distinct earnings compression caused by provisioning requirements. The table below compiles financial indicators across Q3 2026 and 9M 2026 for Sacombank alongside private joint-stock commercial banks [ACB (ACB)](/en/companies/ACB), [Techcombank (TCB)](/en/companies/TCB), and [VPBank (VPB)](/en/companies/VPB): | Financial Indicator | Sacombank (STB) | Techcombank (TCB) | ACB (ACB) | VPBank (VPB) | | :--- | :--- | :--- | :--- | :--- | | Q3 2026 Pre-Tax Profit (VND bn) | 1,757 | 10,375 | 5,879 | 8,750 | | Q3 YoY Pre-Tax Profit Growth | -52.0% | +42.1% | +9.0% | +75.0% | | 9M 2026 Pre-Tax Profit (VND bn) | 5,893 | 28,915 | 16,614 | 29,800 | | 9M Credit Expansion YTD | 12.5% | 16.7% | 12.8% | 18.2% | | NPL Ratio as of September 30, 2026 | 7.33% | 1.36% | 1.48% | 4.65% | | CASA Ratio as of September 30, 2026 | 18.5% | 40.5% | 22.5% | 16.2% | | Estimated Q3 2026 NIM | 2.85% | 3.85% | 3.65% | 5.80% | | Q3 Provision Expenses (VND bn) | 5,729 | 1,250 | 1,120 | 5,100 | *Source: Q3 2026 financial statements of Sacombank, ACB, Techcombank, and VPBank.* According to disclosed financial figures, Techcombank delivered strong performance with Q3 2026 pre-tax profit reaching VND 10,375 billion, up 42.1% year-on-year. A CASA ratio of 40.5% as of September 30, 2026 contained cost of funds and protected net interest margin at 3.85%. In addition, a non-performing loan ratio of 1.36% limited credit provision requirements in Q3 2026. According to earnings releases from ACB, the lender maintained conservative credit underwriting with Q3 2026 pre-tax profit reaching VND 5,879 billion, up 9.0% year-on-year. The bank non-performing loan ratio remained contained at 1.48% as of September 30, 2026, while quarterly provision expenses of VND 1,120 billion preserved operating margins. According to consolidated results reported by VPBank, pre-tax profit reached VND 8,750 billion in Q3 2026, up 75.0% compared to Q3 2025 as retail lending and consumer credit expanded. Although VPBank booked VND 5,100 billion in credit provisions and recorded a consolidated non-performing loan ratio of 4.65% as of September 30, 2026, an elevated net interest margin of 5.80% offset credit costs. According to balance sheet comparisons, Sacombank divergence from private banking peers reflects combined pressure from bad debt provisioning and funding structure. With non-performing loans reaching 7.33% and CASA at 18.5% as of September 30, 2026, Sacombank faced elevated term deposit expenses alongside VND 5,729 billion in credit provisions during Q3 2026. These accounting disclosures reflect ongoing balance sheet restructuring rather than commercial volume contraction. This analysis examines public financial data and does not constitute investment advice or trading recommendations for STB or any equity security. ## Sources - Government News: [State Bank of Vietnam Meets Credit Institutions to Urge Rate Cuts](https://baochinhphu.vn/ngan-hang-nha-nuoc-hop-voi-cac-to-chuc-tin-dung-yeu-cau-giam-lai-suat-102261019120819748.htm) (19/10/2026) - Government News: [Official Dispatch 9736/NHNN-CSTT on Lowering Interest Rate Levels](https://xaydungchinhsach.chinhphu.vn/cong-van-9736-nhnn-cstt-ve-giam-mat-bang-lai-suat-119261022085552481.htm) (21/10/2026) - CafeF: [Fifth Private Commercial Bank in Vietnam Surpasses VND 1,000,000 Billion in Assets](https://cafef.vn/ngan-hang-tu-nhan-thu-5-cua-viet-nam-vuot-moc-tai-san-1-trieu-ty-dong-188261027154652914.chn) (27/10/2026) - Vietstock: [Financial Data and Q3 2026 Consolidated Financial Statements of Sacombank](https://finance.vietstock.vn/stb/tai-chinh.htm) (28/10/2026) - CafeF: [Q3 2026 Financial Statements Update on October 28](https://cafef.vn/cap-nhat-bao-cao-tai-chinh-quy-3-2026-sang-ngay-28-10-acb-lai-gan-5900-ty-dong-loi-nhuan-hodeco-giam-90-188261028000500098.chn) (28/10/2026) - VNDirect Securities: [Banking Sector and Sacombank Equity Research Report](https://www.vndirect.com.vn/STB_BCCapnhat_20260415.pdf) (15/04/2026) --- _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._