--- title: "VPBank Q3 2026: Net Interest Income Offsets Non-Interest" description: VPBank reported Q3 2026 pre-tax profit of VND 11,031 billion, up 20.3% year-on-year as net interest income expanded to offset non-interest declines. url: https://ginity.vn/en/blog/vpb-net-interest-income-q3-2026 canonical: https://ginity.vn/en/blog/vpb-net-interest-income-q3-2026 markdown: https://ginity.vn/en/blog/vpb-net-interest-income-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: Ban biên tập Ginity 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: - VPB sources: - name: Government Electronic Newspaper 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 direct interest rate cuts - name: Government Electronic Newspaper url: https://baochinhphu.vn/lai-suat-dong-loat-ha-nhiet-nhieu-goi-tin-dung-uu-dai-duoc-trien-khai-102261020091440694.htm title: Interest rates cool down across the board with preferential credit packages deployed - name: VNDirect Securities Corporation url: https://static1.vietstock.vn/edocs/22625/VPB_BCKQKD_20261020.pdf title: VPBank Q3 2026 Financial Results Report - name: CafeF url: https://cafef.vn/vpbank-dat-loi-nhuan-gan-30000-ty-dong-sau-9-thang-tang-gan-47-so-voi-cung-ky-nam-ngoai-188261019081837127.chn title: VPBank reaches nearly VND 30,000 billion in pre-tax profit after 9 months of 2026 - name: Techcom Securities (TCBS) url: https://www.tcbs.com.vn/wp-content/uploads/2026/10/20261019_VPB_Bao_cao_cap_nhat_KQKD_Q3_2026.pdf title: VPBank Q3 2026 Earnings Update 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 --- # VPBank Q3 2026: Net Interest Income Offsets Non-Interest > VPBank reported Q3 2026 pre-tax profit of VND 11,031 billion, up 20.3% year-on-year as net interest income expanded to offset non-interest declines. Gini · Companies & sectors · 2026-10-28 · https://ginity.vn/en/blog/vpb-net-interest-income-q3-2026 _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Pre-tax profit reached VND 11,031 billion in Q3 2026, rising 20.3% year-on-year. - Net interest income totaled VND 18,158 billion in Q3 2026, advancing 20.6% year-on-year. - Consolidated customer loans reached VND 1,212,144 billion as of September 30, 2026, up 28.4% year-to-date. - Consolidated non-performing loan ratio declined to 3.11% as of September 30, 2026, with group 2 loans at 3.56%. According to consolidated financial disclosures for Q3 2026, [Vietnam Prosperity Joint Stock Commercial Bank (VPB)](/en/companies/VPB) posted a pre-tax profit of VND 11,031 billion, representing a 20.3% increase compared to Q3 2025. Cumulative pre-tax earnings for the first nine months of 2026 reached VND 29,911 billion, up 46.7% year-on-year and completing 72.4% of the full-year target of VND 41,323 billion. These operating results highlight how strong credit expansion and net interest revenue compensated for temporary contractions across non-interest lines. ## 1. Net interest income compensates for non-interest drop According to VPBank's financial statements for Q3 2026, total operating income reached VND 22,084 billion, up 9.7% from VND 20,137 billion recorded in Q3 2025. Performance diverged sharply across revenue components during the quarter: According to the third-quarter income statement, net interest income reached VND 18,158 billion in Q3 2026, increasing 20.6% year-on-year from VND 15,061 billion in Q3 2025 and rising 1.0% quarter-on-quarter from VND 17,973 billion in Q2 2026. Net interest earnings accounted for 82.2% of total operating income during the period. For the first nine months of 2026, net interest income accumulated to VND 53,092 billion, expanding 26.7% compared to VND 41,896 billion in the same period of 2025. According to disclosures in the financial statement, non-interest income declined to VND 3,926 billion in Q3 2026, down 22.7% from VND 5,076 billion in Q3 2025 and down 28.8% from VND 5,511 billion in Q2 2026. Several specific factors drove this contraction: - Securities trading and investment activities posted a net loss of VND 366 billion in Q3 2026, reversing from a net gain of VND 1,243 billion recorded in Q3 2025. - Foreign exchange trading generated a net loss of VND 729 billion in Q3 2026, primarily resulting from currency swap expenses incurred to hedge foreign currency borrowings totaling VND 169,024 billion. According to Ginity calculations based on reported figures, the absolute gain of VND 3,097 billion in net interest income offset the VND 1,151 billion decrease in non-interest revenues during Q3 2026. This dynamic protected top-line revenue momentum and supported profit before tax. Cumulative non-interest income for the first nine months of 2026 reached VND 12,383 billion, up 19.7% year-on-year, thanks to healthy fee collection in the opening two quarters. ## 2. Net interest margin faces cost of funds pressure According to financial analysis of third-quarter operations, VPBank's consolidated net interest margin narrowed to 4.88% in Q3 2026. This marks a 49 basis point decrease from 5.37% in Q2 2026 and a 52 basis point drop from 5.40% in Q3 2025. Over the first nine months of 2026, the average net interest margin stood at 5.08%. The net interest margin formula is calculated as follows: $$\text{NIM} = \frac{\text{Net Interest Income}}{\text{Average Earning Assets}} \times 100\%$$ According to banking data for Q3 2026, the margin contraction occurred because funding costs rose faster than yields on interest-earning assets: - In Q3 2026, average funding cost climbed to 6.49%, higher than 6.20% in Q2 2026 and 4.70% in Q3 2025, driven by customer deposit competition and certificate of deposit issuances. - In Q3 2026, asset yield stood at 10.48%, holding steady compared to 10.50% in Q2 2026 and moderating from 10.65% in Q3 2025 amid competitive lending rate structures. According to financial statements for Q3 2026, rapid loan growth generated sufficient volume expansion to push net interest income up by 20.6% year-on-year, mitigating the impact of percentage margin compression. ## 3. Credit growth and deposit mobilization According to monetary policy data from the State Bank of Vietnam, banking system credit grew by 11.6% through the end of September 2026. In comparison, according to VPBank's consolidated accounts, customer loans reached VND 1,212,144 billion as of September 30, 2026, expanding 28.4% from the beginning of 2026 and increasing 35.2% compared to September 30, 2025. During Q3 2026 alone, credit grew by 4.4% compared to the close of Q2 2026. According to parent bank figures as of September 30, 2026, standalone loans totaled VND 1,099,916 billion, up 30.1% year-to-date. Credit growth was driven by two main customer segments: - Retail lending to individuals and household businesses grew 43.3% from the start of 2026, reflecting consumer capital demand recovery. - Real estate corporate lending expanded by VND 78,676 billion from the start of 2026, representing 25.3% of parent bank loans as of September 30, 2026. According to balance sheet data as of September 30, 2026, total mobilized funding reached VND 986,742 billion, up 34.2% from the beginning of 2026. Customer deposits totaled VND 793,047 billion, rising 26.3% year-to-date and climbing 8.2% during Q3 2026. Valuable papers issued reached VND 193,694 billion as of September 30, 2026, expanding 14.7% quarter-on-quarter as the bank locked in medium-term liquidity. ## 4. CASA ratio and funding profile According to consolidated balance sheet statements, VPBank's current account savings account (CASA) ratio stood at 12.3% as of September 30, 2026. This reflects an 80 basis point improvement from 11.5% as of June 30, 2026, though remaining below the 13.7% recorded on September 30, 2025. The CASA ratio measures low-cost funding depth through the standard calculation: $$\text{CASA Ratio} = \frac{\text{Demand Deposits}}{\text{Total Customer Deposits}} \times 100\%$$ According to balance sheet records as of September 30, 2026, demand deposit balances reached VND 97,212 billion. Raising the CASA share by 0.8 percentage points during Q3 2026 helped moderate interest expense pressures. With short-term market deposit rates trending higher in late 2026, attracting payment account balances from commercial and retail users provides essential support for funding efficiency. ## 5. Asset quality and loan loss reserves According to VPBank's Q3 2026 consolidated statements, the on-balance-sheet non-performing loan ratio (groups 3 to 5) declined to 3.11% as of September 30, 2026. This represents a 19 basis point improvement from 3.30% as of June 30, 2026 and a 40 basis point drop from 3.51% as of September 30, 2025. Standalone parent bank non-performing loans stood at 2.45% as of September 30, 2026. According to quarterly financial reporting, credit provisioning expenses totaled VND 6,245 billion in Q3 2026, declining 4.6% year-on-year from Q3 2025 and decreasing 21.1% from VND 7,910 billion in Q2 2026. Over the first nine months of 2026, provision expenses accumulated to VND 21,824 billion, up 14.0% compared to VND 19,144 billion in the corresponding period of 2025. Cumulative loan write-offs over the first nine months of 2026 equaled 2.4% of total outstanding loans. According to credit classification reports as of September 30, 2026, two asset quality metrics require ongoing monitoring: - Group 2 special mention loans rose to 3.56% of total lending as of September 30, 2026, reaching VND 43,182 billion, up 20.1% year-to-date. - The loan loss reserve coverage ratio stood at 54.0% as of September 30, 2026, easing from 56.2% as of June 30, 2026. A reserve coverage level of 54.0% leaves a relatively modest cushion compared to state-owned commercial bank peers. ## 6. Subsidiary turnaround at FE Credit and subsidiaries According to research notes from Vietcap and VNDirect, consumer finance subsidiary FE Credit (50% owned by VPBank) demonstrated positive operational momentum following restructuring programs. Pre-tax profit for the first nine months of 2026 reached an estimated VND 311 billion, recovering from significant losses recorded in previous fiscal years. Loan balances at FE Credit expanded 12.0% during the first nine months of 2026. The non-performing loan ratio at FE Credit dropped to 15.0% in Q3 2026, falling 4 percentage points quarter-on-quarter and down 2 percentage points year-on-year. According to operational reports for the first nine months of 2026, other key subsidiaries maintained positive contributions: - VPBank Securities (VPBankS) achieved pre-tax profit of approximately VND 3,500 billion during the first nine months of 2026, despite third-quarter earnings reaching VND 843 billion due to market-driven trading revaluations. - Digital insurance subsidiary of VPBank generated pre-tax profit of VND 930 billion during the first nine months of 2026, increasing 105% year-on-year through expanded digital distribution agreements. ## 7. Valuation multiples and peer comparison According to trading records on the Ho Chi Minh City Stock Exchange on October 20, 2026, VPB shares changed hands at a price of VND 24,000 per share. This market price presents a balanced valuation when compared to [banking sector equities](/en/topics/equity): According to Ginity calculations as of September 30, 2026, the price-to-book (P/B) ratio for VPB stood at 1.30 times book value, aligning with the median level of 1.30 times observed across large-cap listed commercial banks. The trailing price-to-earnings (P/E) multiple stood at 7.70 times earnings as of September 30, 2026, trading below the broader banking sector median of 7.90 times. According to financial filings for Q3 2026, trailing twelve-month return on equity (ROE) reached 17.6% as of September 30, 2026, approaching the industry median of 18.2%, while return on assets (ROA) reached 2.2%. Maintaining a consolidated capital adequacy ratio above 14.0% under Basel II standards ensures balance sheet capacity for credit allocation. Investors can inspect ratio methodologies further in our guide to [reading bank financial statements](/en/blog/reading-bank-financial-statements). ## 8. Operating risks and monitoring points According to risk reviews based on Q3 2026 figures, VPBank's forward outlook entails three focal points: - **Elevated funding costs:** Average funding costs of 6.49% in Q3 2026 could remain high if interbank liquidity conditions remain tight, continuing to compress net interest margins. - **Group 2 loan migration risks:** Special mention loans amounting to VND 43,182 billion as of September 30, 2026 require disciplined collection to prevent slippage into non-performing categories, particularly with loan loss coverage at 54.0%. - **Real estate credit concentration:** Lending to real estate developers accounted for 25.3% of parent bank loans as of September 30, 2026. The approval pace and sales liquidity of residential projects directly affect the debt-servicing capability of corporate borrowers. ## Sources - Government Electronic Newspaper: [State Bank of Vietnam meets credit institutions to direct interest 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 Electronic Newspaper: [Interest rates cool down across the board with preferential credit packages deployed](https://baochinhphu.vn/lai-suat-dong-loat-ha-nhiet-nhieu-goi-tin-dung-uu-dai-duoc-trien-khai-102261020091440694.htm) (20/10/2026) - VNDirect: [VPBank Q3 2026 Financial Results Report](https://static1.vietstock.vn/edocs/22625/VPB_BCKQKD_20261020.pdf) (23/10/2026) - CafeF: [VPBank reaches nearly VND 30,000 billion in pre-tax profit after 9 months of 2026](https://cafef.vn/vpbank-dat-loi-nhuan-gan-30000-ty-dong-sau-9-thang-tang-gan-47-so-voi-cung-ky-nam-ngoai-188261019081837127.chn) (19/10/2026) - TCBS: [VPBank Q3 2026 Earnings Update Report](https://www.tcbs.com.vn/wp-content/uploads/2026/10/20261019_VPB_Bao_cao_cap_nhat_KQKD_Q3_2026.pdf) (19/10/2026) --- _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._