VietinBank Tops Q3/2026 Bank Profit Rankings as CTG Overtakes VCB

Overview

VietinBank (CTG) reported Q3/2026 pre-tax profit of VND 13,688 billion, up 29.0% year-on-year, overtaking Vietcombank (VCB) to lead the top 10 Vietnamese banks by profit. The top 10 banks earned a combined VND 87,891 billion, up 23.8% from Q3/2025, according to third-quarter financial statements.

Key Facts

• VietinBank (CTG) Q3/2026 pre-tax profit: VND 13,688 billion, +29.0% YoY, ranking first (Q3/2025: second).
• Vietcombank (VCB) Q3/2026 pre-tax profit: VND 11,218 billion, -0.2% YoY, ranking second (Q3/2025: first).
• BIDV (BID) Q3/2026 pre-tax profit: VND 11,031 billion, +20.3% YoY, ranking third.
• Techcombank (TCB) Q3/2026 pre-tax profit: VND 10,579 billion, +39.3% YoY, ranking fourth.
• Top 10 banks’ combined Q3/2026 pre-tax profit: VND 87,891 billion, +23.8% YoY, equal to 83% of the 27 banks’ total profit.
• Sacombank (STB) Q3/2026 pre-tax profit: VND 1,757 billion, -51.9% YoY, dropping out of the top 10 as provisioning costs rose sharply.
• SHB entered the top 10 at ninth place with VND 3,448 billion, +29.0% YoY.

What Happened

According to third-quarter 2026 financial statements, VietinBank recorded pre-tax profit of VND 13,688 billion, up 29% year-on-year and about VND 2,470 billion higher than Vietcombank. The shift was driven by VietinBank’s larger loan book, with customer loans of approximately VND 2.14 quadrillion at end-September versus VND 1.82 quadrillion at Vietcombank. This helped net interest income reach VND 21,816 billion, slightly above Vietcombank’s VND 20,386 billion. The clearer gap came from services, where VietinBank’s net fee income rose 56.6% to VND 2,486 billion, nearly three times Vietcombank’s VND 904 billion.

Operating costs at VietinBank rose only 19% to VND 7,185 billion, lifting pre-tax profit before provisioning to about VND 21,469 billion, more than VND 4,000 billion above Vietcombank. VietinBank’s cost-to-income ratio was around 25%, compared with about 32% at Vietcombank. Among other movers, BIDV overtook Techcombank for fourth place, while VPBank, MB, ACB, HDBank and LPBank held their rankings. SHB entered ninth, replacing Sacombank, whose quarterly profit fell 51.9% to VND 1,757 billion on higher provisioning.

Market Context

On HOSE, CTG closed at VND 30,300 on 1 November 2026, while VCB closed at VND 56,300, BID at VND 33,400 and TCB at VND 21,600. The banking sector remains the largest profit contributor to the Vietnamese equity market, and the top 10 banks’ 83% share of sector profit underscores concentration. The 23.8% year-on-year growth in top-10 profits suggests sector earnings remain resilient despite margin pressure and rising credit costs at some lenders.

Strategic Significance

VietinBank’s rise to the top spot reflects a structural advantage in scale and cost efficiency rather than a one-off gain. Its larger loan book supports net interest income, while the near-tripling of fee income versus Vietcombank points to a broader services push that could reduce reliance on lending margins. The 25% cost-to-income ratio versus 32% at Vietcombank gives VietinBank more room to absorb provisioning or invest in digital initiatives. For long-term investors, the ranking shift highlights the importance of non-interest income and cost discipline in a market where credit growth is regulated and net interest margins face pressure.

What to Watch

• Full-year 2026 profit guidance and any revision at VietinBank and Vietcombank.
• Q4/2026 provisioning trends, particularly at Sacombank and other banks with rising credit costs.
• Net fee income growth sustainability at VietinBank after the 56.6% jump.
• State Bank of Vietnam credit growth quotas for 2027 and any policy rate changes.
• Foreign ownership limits and potential stake sales at state-owned banks.