ACB H1 2026 Pre-Tax Profit Exceeds VND 10.7 Trillion, Retail and SME Rebound

Overview

Asia Commercial Bank (ACB) reported consolidated pre-tax profit of over VND 10.7 trillion for the first half of 2026, driven by a recovery in retail and SME lending during Q2. The bank’s credit growth reached 8.6% year-to-date, outperforming the industry average, as government infrastructure spending and economic stimulus began to filter through to private-sector borrowers.

Key Facts

• H1 2026 consolidated pre-tax profit exceeded VND 10.7 trillion.
• Total outstanding loans reached nearly VND 746 trillion as of end-Q2 2026, up 8.6% from the start of the year.
• Retail lending grew 3.8% QoQ in Q2 2026, the highest quarterly growth in four quarters.
• SME lending expanded 5% QoQ in Q2 2026, also the strongest in four quarters.
• Total deposits reached nearly VND 776 trillion, up 8% YTD, with certificate of deposit (CCD) balances surging 15x to over VND 30.5 trillion.
• CASA ratio remained stable at 22%.
• ACB shares closed at VND 23,000 on July 22, 2026, down 1.09% on volume of 13.2 million shares.

What Happened

ACB released its H1 2026 business results, reporting consolidated pre-tax profit of more than VND 10.7 trillion. The bank attributed the performance to a gradual recovery in retail and SME lending, which gained momentum in Q2 as government infrastructure projects and economic support measures took effect. CEO Tu Tien Phat stated that ACB remains focused on quality-driven growth, providing comprehensive financial solutions beyond credit, and investing in digital capabilities and risk management.

The bank’s credit growth of 8.6% YTD outpaced the industry average, with corporate lending continuing to drive expansion in key sectors such as trade and manufacturing. Deposit growth was supported by a sharp increase in certificate of deposit products, which rose 15-fold from the start of the year, particularly from corporate clients.

Market Context

ACB, listed on HOSE, closed at VND 23,000 on July 22, 2026, down 1.09% on above-average volume of 13.2 million shares. The bank’s H1 results come amid a challenging macroeconomic environment, but the recovery in retail and SME lending suggests that government stimulus is beginning to support private-sector activity. ACB’s credit growth of 8.6% YTD is above the industry average, reflecting its strong market position and diversified loan book.

Strategic Significance

ACB’s H1 performance underscores the bank’s ability to maintain profitability and asset quality while pivoting toward higher-margin retail and SME segments. The recovery in these segments, which had been sluggish for several quarters, indicates that the bank’s strategy of offering integrated financial solutions and digital tools is gaining traction. The strong growth in certificate of deposit funding also highlights ACB’s success in diversifying its funding base and managing cost of funds, with CASA remaining stable at 22%. For long-term investors, ACB’s focus on quality over speed and its investment in digital infrastructure position it well for sustainable growth as the Vietnamese economy recovers.

What to Watch

• Q3 2026 earnings release for continued momentum in retail and SME lending.
• NIM trends, particularly given the shift in funding mix toward higher-cost certificates of deposit.
• Asset quality metrics, especially NPL ratios in the retail and SME portfolios.
• Full-year 2026 credit growth guidance and any revision to the bank’s target.
• SBV policy rate decisions and their impact on lending demand and funding costs.