--- title: "VIB Q3 2026 Earnings: Fee Surge Meets Provision Pressure" description: In Q3 2026, VIB doubled net fee income to 990 billion VND while absorbing 1,899 billion VND in loan loss provisions as its NPL ratio climbed to 3.20%. url: https://ginity.vn/en/blog/vib-q3-2026-earnings-fee-income-surge-and-provisioning-pressure canonical: https://ginity.vn/en/blog/vib-q3-2026-earnings-fee-income-surge-and-provisioning-pressure markdown: https://ginity.vn/en/blog/vib-q3-2026-earnings-fee-income-surge-and-provisioning-pressure.md language: en datePublished: 2026-11-01T00:00:00+07:00 dateModified: 2026-11-01T00:00:00+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: - VIB sources: [] 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 --- # VIB Q3 2026 Earnings: Fee Surge Meets Provision Pressure > In Q3 2026, VIB doubled net fee income to 990 billion VND while absorbing 1,899 billion VND in loan loss provisions as its NPL ratio climbed to 3.20%. Gini · Companies & sectors · 2026-11-01 · https://ginity.vn/en/blog/vib-q3-2026-earnings-fee-income-surge-and-provisioning-pressure _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Consolidated pre-tax profit in Q3 2026 reached 2,405.8 billion VND, up 18.5% year-on-year. - Net fee income in 9M 2026 surged to 4,054.7 billion VND, rising 3.2 times from payment and bancassurance fees. - Credit risk provisioning in Q3 2026 increased 64.0% year-on-year to 1,899.0 billion VND as NPL rose to 3.20%. - Cumulative 9M 2026 loan loss provisions reached 4,384.8 billion VND with 3,743.8 billion VND in write-offs. Vietnam International Commercial Joint Stock Bank (stock ticker: [VIB](/en/companies/VIB)) released its reviewed consolidated financial statements for the third quarter of 2026, conducted by EY Vietnam. The financial statements document two clear operational developments: strong expansion across non-interest fee activities alongside stable net interest income, counterbalanced by elevated credit risk provisioning and rising non-performing loans across the lending book. This operational dynamic illustrates how Vietnamese commercial lenders are diversifying revenue streams to absorb credit costs and maintain balance sheet resilience. Analyzing the audited financial figures for the third quarter and first nine months of 2026 provides an objective perspective on the bank's earnings composition and asset quality trajectory. Readers can consult our reference guide on [reading bank financial statements](/en/blog/reading-bank-financial-statements) for broader context on banking metrics and liquidity indicators. ## Overview of third quarter 2026 operating performance According to the [reviewed consolidated financial statements for Q3 2026](https://www.vib.com.vn/wps/wcm/connect/71c3ee5b-4c4c-41c3-8813-eb2baca72b74/20261028+-+VIB+-+BCTC+hop+nhat+soat+xet+Quy+3+2026.pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=ROOTWORKSPACE-71c3ee5b-4c4c-41c3-8813-eb2baca72b74-q62mPq7) published by VIB on October 28, 2026, total operating income in Q3 2026 rose 21.8% year-on-year to 6,101.1 billion VND from 5,007.0 billion VND in Q3 2025. Operating expenses in Q3 2026 declined 1.3% year-on-year to 1,796.3 billion VND. Consequently, pre-provision operating profit in Q3 2026 increased 35.0% year-on-year to 4,304.8 billion VND from 3,187.9 billion VND in Q3 2025. However, pre-tax profit growth moderated as credit risk provisioning in Q3 2026 increased 64.0% year-on-year to 1,899.0 billion VND compared with 1,157.9 billion VND in Q3 2025. After deducting provision expenses, consolidated pre-tax profit in Q3 2026 totaled 2,405.8 billion VND, representing an 18.5% year-on-year increase from 2,030.0 billion VND in Q3 2025. Consolidated net profit after tax in Q3 2026 reached 1,924.9 billion VND, up 18.5% year-on-year from 1,624.5 billion VND reported in Q3 2025. Across the first nine months of 2026, according to reviewed financial statements, total operating income reached 17,329.1 billion VND, up 17.7% year-on-year from 14,725.0 billion VND in 9M 2025. Operating expenses in 9M 2026 dropped 2.0% year-on-year to 5,352.8 billion VND from 5,463.8 billion VND in 9M 2025. Consequently, pre-provision operating profit for 9M 2026 reached 11,976.3 billion VND, rising 29.3% from 9,261.2 billion VND in 9M 2025. Provision charges for 9M 2026 expanded 98.0% year-on-year to 4,384.8 billion VND. Consolidated pre-tax profit in 9M 2026 totaled 7,591.5 billion VND, rising 7.7% year-on-year from 7,046.3 billion VND in 9M 2025. Net profit after tax in 9M 2026 reached 6,071.5 billion VND, up 7.7% year-on-year from 5,637.4 billion VND in 9M 2025. According to the official [earnings explanation document for Q3 2026](https://www.vib.com.vn/wps/wcm/connect/4b8b9371-57be-462e-93e8-d0829ec1da24/20261028-+VIB+-+Giai+trinh+bien+dong+loi+nhuan+sau+thue+Q3+2026.pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=ROOTWORKSPACE-4b8b9371-57be-462e-93e8-d0829ec1da24-q62mVc5) published by VIB on October 28, 2026, the cost-to-income ratio in Q3 2026 declined to 29.4% from 36.3% in Q3 2025, reflecting disciplined administration and compensation expenditure. > Chart: VIB 9M 2026 consolidated operating metrics. Billion VND. Pre-tax profit: 7.592; Net interest income: 13.187; Total operating income: 17.329. ## Operating income composition and fee growth dynamics According to Note 25 of the reviewed Q3 2026 financial report, net interest income remained the core pillar of operating earnings. In Q3 2026, net interest income rose 14.6% year-on-year to 4,780.8 billion VND compared with 4,172.7 billion VND in Q3 2025. For 9M 2026, cumulative net interest income reached 13,187.3 billion VND, representing an 11.0% increase from 11,878.5 billion VND in 9M 2025. According to an equity research report by [VNDIRECT Securities](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-30/VIB_BCKQKD_20261029.pdf) published on October 29, 2026, net interest margin reached 3.31% in Q3 2026, improving by 20 basis points from Q2 2026 as asset yields expanded 29 basis points to 8.55%, outpacing a 9 basis point rise in funding costs. The most notable earnings catalyst during the third quarter was the surge in net fee and commission income. In Q3 2026, net fee income rose 100.6% year-on-year to 990.3 billion VND from 493.6 billion VND in Q3 2025, contributing 16.2% of total operating income according to bank disclosures. Across 9M 2026, cumulative net fee income reached 4,054.7 billion VND, multiplying 3.2 times from 1,272.3 billion VND recorded in 9M 2025. According to Note 26 of the reviewed financial statements, fee growth in 9M 2026 was supported by two primary segments: - According to Note 26, payment service revenue reached 3,948.2 billion VND in 9M 2026, rising 93.3% year-on-year from 2,042.1 billion VND in 9M 2025, supported by credit card interchange fees and digital transaction volumes. - According to Note 26, insurance agency commission revenue reached 1,283.8 billion VND in 9M 2026, rising 2.7 times from 481.6 billion VND in 9M 2025, indicating recovery in bancassurance distribution activity following sales practice restructuring. According to reviewed financial statements, other operating income in Q3 2026 grew 56.2% year-on-year to 672.8 billion VND from 430.8 billion VND in Q3 2025, driven by recoveries of previously written-off debts. ## Hedging costs on foreign debt and funding structure According to the reviewed financial statements, foreign exchange operations generated a net loss across 2026. In Q3 2026, net foreign exchange trading posted a loss of 367.8 billion VND compared with a loss of 98.7 billion VND in Q3 2025. In 9M 2026, cumulative net foreign exchange trading generated a loss of 1,146.7 billion VND, reversing from a gain of 123.9 billion VND in 9M 2025. According to Note 27 of the reviewed financial statements, foreign exchange trading losses stemmed from currency derivative expenses totaling 2,898.2 billion VND in 9M 2026. Research from VNDIRECT confirmed that this expenditure represented currency swap hedging costs incurred on syndicated foreign borrowings. As of September 30, 2026, VIB outstanding borrowings from foreign financial institutions stood at 40,200 billion VND, up from 29,500 billion VND as of December 31, 2025. On the funding side, customer deposits as of September 30, 2026 totaled 322,211.4 billion VND, expanding 9.4% from 294,577.7 billion VND as of December 31, 2025. Valuable papers issued reached 48,870.7 billion VND (comprising 31,300.0 billion VND in bonds and 17,570.7 billion VND in certificates of deposit) as of September 30, 2026, up 39.4% from 35,070.7 billion VND at the beginning of 2026. The current account savings account ratio stood at 11.4% as of September 30, 2026, down from 14.4% as of December 31, 2025 according to VNDIRECT estimates. Market participants can cross-examine deposit dynamics with peers through our analysis of [ACB Q3 2026 earnings and credit costs](/en/blog/acb-q3-2026-nim-expansion-credit-costs). ## Credit quality trends and loan group classification According to the consolidated balance sheet as of September 30, 2026, total assets reached 599,583.8 billion VND, up 7.8% from December 31, 2025. Gross customer loans reached 411,311.7 billion VND as of September 30, 2026, reflecting a 7.7% increase from 381,972.0 billion VND as of December 31, 2025. Credit growth for VIB trailed broader banking industry expansion reported by the [National Statistics Office](https://www.nso.gov.vn/du-lieu-va-so-lieu-thong-ke/2026/10/thong-cao-bao-chi-tinh-hinh-kinh-te-xa-hoi-quy-iii-va-9-thang-nam-2026/) in its Q3 2026 economic report published on October 6, 2026. Lending composition shifted toward corporate borrowers throughout 2026. According to research by [VNDIRECT](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-30/VIB_BCKQKD_20261029.pdf) published on October 29, 2026, construction lending grew 83.9% and manufacturing loans grew 17.8% as of September 30, 2026 compared to year-end 2025, while retail credit grew by only 1.8% over the same period due to subdued mortgage demand. Along with credit expansion, asset quality showed an increase in non-performing balances. The breakdown of customer loan groups is summarized below: | Loan Classification Group | Balance at Sep 30, 2026 (bn VND) | Share at Sep 30, 2026 | Balance at December 31, 2025 (bn VND) | Growth Rate | | :--- | :--- | :--- | :--- | :--- | | Group 1 - Standard Loans | 386,678.3 | 94.01% | 361,491.1 | +7.0% | | Group 2 - Special Mention Loans | 11,466.4 | 2.79% | 9,146.2 | +25.4% | | Group 3 - Sub-standard Loans | 3,991.0 | 0.97% | 2,149.2 | +85.7% | | Group 4 - Doubtful Loans | 3,525.7 | 0.86% | 2,824.2 | +24.8% | | Group 5 - Loss Loans | 5,650.3 | 1.37% | 6,361.3 | -11.2% | Source: Note 44.1 of VIB reviewed consolidated financial statements for Q3 2026. According to compiled financial statements, total gross non-performing loans (Groups 3 to 5) as of September 30, 2026 stood at 13,167.1 billion VND, increasing 16.2% from 11,334.7 billion VND as of December 31, 2025. The ratio of non-performing loans to gross customer loans climbed to 3.20% as of September 30, 2026, compared with 2.93% as of June 30, 2026 and 2.97% as of December 31, 2025. ## Mathematical formulas for asset quality metrics To assess credit risk across banking institutions, financial analysts evaluate two standard formulas: the non-performing loan ratio and the loan loss provision coverage ratio. The non-performing loan ratio measures the proportion of impaired credit relative to total customer loan balances: $$\text{Non-Performing Loan Ratio} = \frac{\text{Gross NPLs (Group 3 + Group 4 + Group 5)}}{\text{Total Gross Customer Loans}} \times 100\%$$ According to the financial statements as of September 30, 2026, VIB reported gross non-performing loans of 13,167.1 billion VND on a total customer loan balance of 411,311.7 billion VND. Applying the formula: $$\text{NPL Ratio at September 30, 2026} = \frac{13,167.1}{411,311.7} \times 100\% \approx 3.20\%$$ The second fundamental formula is the loan loss reserve coverage ratio, which evaluates the cushion available to absorb credit default losses: $$\text{Loan Loss Coverage Ratio} = \frac{\text{Total Loan Loss Provision Balance}}{\text{Gross NPLs (Group 3 + Group 4 + Group 5)}} \times 100\%$$ According to Note 10 as of September 30, 2026, VIB held total loan loss reserves of 5,499.9 billion VND against gross non-performing loans of 13,167.1 billion VND. Applying the calculation: $$\text{Coverage Ratio at September 30, 2026} = \frac{5,499.9}{13,167.1} \times 100\% \approx 41.77\%$$ According to Ginity calculations, the resulting coverage ratio of 41.77% (approximately 41.8%) as of September 30, 2026 decreased from 43.6% as of June 30, 2026 and 42.9% as of December 31, 2025, reflecting faster NPL formation relative to cumulative reserve replenishment. ## Loan loss provisioning and bad debt resolution According to the bank's published financial reports, elevated non-performing loan generation required additional provisioning resources. In Q3 2026, credit risk provisioning reached 1,899.0 billion VND, increasing 64.0% year-on-year from Q3 2025. In 9M 2026, cumulative credit provisions totaled 4,384.8 billion VND, representing a 98.0% increase compared with 2,214.9 billion VND in 9M 2025. According to Note 10 on customer loan provisions, VIB allocated 4,159.5 billion VND to specific provisions and 225.4 billion VND to general provisions during 9M 2026. The bank utilized 3,743.8 billion VND from its credit risk provision fund to resolve and write off non-performing debts during 9M 2026. While write-offs contained Group 5 non-performing balances, they simultaneously lowered cumulative reserve balances. Recoveries on previously written-off loans provided an offsetting capital inflow. According to Note 29 of the reviewed statements, bad debt recoveries in 9M 2026 totaled 1,491.0 billion VND, flowing directly into other operating income. According to macroeconomic price statistics published by the [National Statistics Office](https://www.nso.gov.vn/en/data-and-statistics/2026/10/consumer-price-index-gold-price-index-and-us-dollar-price-index-in-september-2026-q3-2026-and-the-nine-months-of-2026/) on October 6, 2026, the US Dollar price index experienced continuous movements across 9M 2026, explaining commercial lenders' higher currency derivative expenses to hedge foreign borrowing exposures. ## Consolidated financial performance summary table The following table summarizes key consolidated financial results for VIB across Q3 2026 and 9M 2026: | Financial Metric | Q3 2026 | Q3 2025 | YoY Change Q3 | 9M 2026 | 9M 2025 | YoY Change 9M | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Interest Income (bn VND) | 4,780.8 | 4,172.7 | +14.6% | 13,187.3 | 11,878.5 | +11.0% | | Net Fee Income (bn VND) | 990.3 | 493.6 | +100.6% | 4,054.7 | 1,272.3 | +218.7% | | Net FX Trading (bn VND) | (367.8) | (98.7) | N/A | (1,146.7) | 123.9 | Reversed to loss | | Other Net Income (bn VND) | 672.8 | 430.8 | +56.2% | 1,387.7 | 1,291.1 | +7.5% | | Total Operating Income (bn VND) | 6,101.1 | 5,007.0 | +21.8% | 17,329.1 | 14,725.0 | +17.7% | | Operating Expenses (bn VND) | 1,796.3 | 1,819.5 | -1.3% | 5,352.8 | 5,463.8 | -2.0% | | Pre-provision Operating Profit (bn VND) | 4,304.8 | 3,187.9 | +35.0% | 11,976.3 | 9,261.2 | +29.3% | | Provision Expenses (bn VND) | 1,899.0 | 1,157.9 | +64.0% | 4,384.8 | 2,214.9 | +98.0% | | Pre-tax Profit (bn VND) | 2,405.8 | 2,030.0 | +18.5% | 7,591.5 | 7,046.3 | +7.7% | | Net Profit After Tax (bn VND) | 1,924.9 | 1,624.5 | +18.5% | 6,071.5 | 5,637.4 | +7.7% | | Gross Customer Loans (bn VND) | 411,311.7 | 381,972.0 | +7.7% (vs year-end) | 411,311.7 | 381,972.0 | +7.7% (vs year-end) | | Total Impaired Loans (bn VND) | 13,167.1 | 11,334.7 | +16.2% (vs year-end) | 13,167.1 | 11,334.7 | +16.2% (vs year-end) | | Non-Performing Loan Ratio | 3.20% | 2.97% | +23 bps | 3.20% | 2.97% | +23 bps | | Loan Loss Coverage Ratio | 41.8% | 42.9% | -110 bps | 41.8% | 42.9% | -110 bps | Source: VIB reviewed consolidated financial statements for Q3 2026 published on October 28, 2026. ## Revenue diversification against credit risk demands According to published financial statements, the financial performance of VIB in the third quarter of 2026 highlights balanced operational dynamics across core revenue and balance sheet management. Non-interest income expansion via cards and insurance supported a 21.8% increase in total operating income in Q3 2026, while cost management reduced the cost-to-income ratio to 29.4%, driving pre-provision profit growth of 35.0%. According to published financial data, these operating gains were offset by credit costs, as Q3 2026 provision expenses reached 1,899.0 billion VND and non-performing loans climbed to 3.20% as of September 30, 2026. Managing loan recovery velocity and funding costs will remain primary operational priorities for the institution across remaining quarters of 2026. ## Sources - Vietnam International Commercial Joint Stock Bank: [Reviewed consolidated financial statements for the third quarter of 2026](https://www.vib.com.vn/wps/wcm/connect/71c3ee5b-4c4c-41c3-8813-eb2baca72b74/20261028+-+VIB+-+BCTC+hop+nhat+soat+xet+Quy+3+2026.pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=ROOTWORKSPACE-71c3ee5b-4c4c-41c3-8813-eb2baca72b74-q62mPq7) (2026-10-28) - Vietnam International Commercial Joint Stock Bank: [Explanation of net profit movement in the third quarter of 2026](https://www.vib.com.vn/wps/wcm/connect/4b8b9371-57be-462e-93e8-d0829ec1da24/20261028-+VIB+-+Giai+trinh+bien+dong+loi+nhuan+sau+thue+Q3+2026.pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=ROOTWORKSPACE-4b8b9371-57be-462e-93e8-d0829ec1da24-q62mVc5) (2026-10-28) - VNDIRECT Securities: [VIB earnings update report for the third quarter of 2026](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-30/VIB_BCKQKD_20261029.pdf) (2026-10-29) - National Statistics Office: [Socio-economic statistical release for the third quarter and first 9 months of 2026](https://www.nso.gov.vn/du-lieu-va-so-lieu-thong-ke/2026/10/thong-cao-bao-chi-tinh-hinh-kinh-te-xa-hoi-quy-iii-va-9-thang-nam-2026/) (2026-10-06) - National Statistics Office: [Consumer Price Index and US Dollar Price Index in 9M 2026](https://www.nso.gov.vn/en/data-and-statistics/2026/10/consumer-price-index-gold-price-index-and-us-dollar-price-index-in-september-2026-q3-2026-and-the-nine-months-of-2026/) (2026-10-06) ## Frequently asked questions ### How did VIB pre-tax profit perform in Q3 2026? According to the reviewed consolidated financial statements for Q3 2026, VIB generated 2,405.8 billion VND in pre-tax profit, up 18.5% year-on-year, driven by fee income and net interest income. ### What drove VIB non-interest income during 9M 2026? Growth was led by net fee income of 4,054.7 billion VND in 9M 2026, expanding 3.2 times year-on-year on higher payment processing fees and bancassurance commissions. ### What was VIB NPL ratio and credit provisioning level as of September 30, 2026? As of September 30, 2026, VIB non-performing loan ratio reached 3.20% of gross customer loans, while Q3 2026 credit provisions totaled 1,899.0 billion VND, up 64.0% year-on-year. --- _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._