VietinBank (CTG) Q3 Profit VND13,688B, Tops Vietnamese Banking Sector

Overview

VietinBank (CTG), listed on HOSE, reported third-quarter pre-tax profit of VND13,688 billion, up 22% year-on-year, making it the most profitable bank in Vietnam’s banking sector for the quarter and displacing Vietcombank from the top spot. Nine-month pre-tax profit reached VND39,557 billion, up 34%, although on a cumulative basis CTG ranks second in the industry behind Vietcombank. The result was driven by broad-based growth across business lines, led by a 27% increase in net interest income.

Key Facts

• Q3 pre-tax profit: VND13,688 billion, up 22% year-on-year.
• 9M pre-tax profit: VND39,557 billion, up 34% year-on-year.
• Q3 net interest income: VND21,815 billion, up 27% year-on-year.
• Net fee income, foreign exchange trading and other activities all grew at double-digit rates in Q3.
• Total assets as of 30 September: VND2.95 quadrillion, up 7% year-on-year.
• Loans outstanding: more than VND2.1 quadrillion, up 7%; deposits: VND1.94 quadrillion.
• Total non-performing loans: VND25,781 billion, equal to 1.2% of loans, up 0.1 percentage point from the start of the year.

What Happened

According to its third-quarter financial statements, Ngân hàng Công thương Việt Nam (VietinBank) reported pre-tax profit of VND13,688 billion for the quarter, a 22% increase from the same period last year. The bank said most of its business segments grew, with net interest income, the core measure of a bank’s lending franchise, reaching VND21,815 billion, up 27% year-on-year. Net income from services, foreign exchange trading and other operations also expanded at double-digit rates.

VietinBank attributed the result to active control of funding costs, restructuring of its credit portfolio and risk management, alongside a lending focus on priority sectors in line with Government direction. The quarter marks the first time since the second quarter of last year that VietinBank has ranked first in the sector by quarterly profit, ahead of Vietcombank. Over the nine-month period, however, Vietcombank retains the top position, with VietinBank second at VND39,557 billion, up 34%. The statements also show total assets of VND2.95 quadrillion at end-September, loans above VND2.1 quadrillion and deposits of VND1.94 quadrillion, with non-performing loans at 1.2% of the loan book.

Market Context

CTG closed at VND30,300 on 30 October 2026. VietinBank is one of the four largest state-owned commercial banks in Vietnam and has been listed on HOSE since 2009. The quarterly profit ranking among the large state-owned banks is closely tracked by domestic investors as a read on net interest margin recovery and credit demand, and CTG’s return to the top spot for the first time in five quarters shifts the near-term earnings narrative within the sector. The 0.1 percentage point rise in the NPL ratio to 1.2% is modest but worth monitoring against the sector’s broader asset-quality trend.

Strategic Significance

The quarter’s result supports the thesis that VietinBank’s funding-cost management and credit mix are translating into margin expansion rather than volume-led growth: net interest income grew 27%, faster than the 7% increase in loans outstanding, which implies improving spreads. That distinction matters for long-term holders because it suggests earnings quality is improving even as balance-sheet growth stays moderate. The bank’s emphasis on priority-sector lending aligned with Government direction also positions CTG favorably for policy-driven credit quotas, though the same concentration warrants attention if those sectors face stress. The gap to Vietcombank over nine months indicates the quarterly lead is not yet a full-year shift in sector leadership.

What to Watch

• Full-year 2026 profit guidance and whether CTG can close the nine-month gap to Vietcombank.
• Fourth-quarter and full-year NPL disclosures, given the 0.1 percentage point rise to 1.2%.
• Deposit growth relative to the VND1.94 quadrillion base, which trails loans and bears on funding costs.
• Any State Bank of Vietnam credit-growth quota allocation for 2027.
• Foreign-ownership and state-shareholder developments, which the filing does not address.