LPBank 9M2026 Profit Hits VND 10,421B as VPBank and Techcombank Lead Bank Earnings

Overview

LPBank (HOSE: LPB) reported pretax profit of VND 10,421 billion for the first nine months of 2026, up nearly 9% year on year, according to its Q3/2026 financial statements. The disclosure came as eight Vietnamese banks had published 9M2026 results by the morning of 21 October, with VPBank leading at close to VND 30,000 billion and Techcombank at VND 28,900 billion (+23.7%). The results frame a banking sector where profit growth remains broadly double-digit but increasingly concentrates at the largest balance sheets.

Key Facts

• LPBank 9M2026 pretax profit: VND 10,421 billion, up nearly 9% year on year, equal to about 70% of the 2026 plan.
• Q3/2026 standalone pretax profit: VND 4,448 billion, up 29% year on year.
• Full-year 2026 pretax profit target: VND 14,982 billion, up 5% versus 2025.
• 9M2026 total operating income: VND 19,179 billion (+29%); non-interest income VND 7,489 billion, or 39% of TOI.
• Total assets at 30 September 2026: VND 694,183 billion, up 29% year on year; customer loans VND 481,570 billion (+23% year to date).
• Cost-to-income ratio: 27.83% for 9M2026, down about 0.5 percentage points; 20.71% in Q3 alone. NPL ratio at 1.87%.
• Techcombank 9M2026 pretax profit: VND 28,900 billion (+23.7%); VPBank: close to VND 30,000 billion.

What Happened

Ngân hàng Lộc Phát Việt Nam (LPBank) published its Q3/2026 financial statements showing pretax profit of VND 4,448 billion for the quarter, a 29% increase over the same period in 2025. For the nine months to 30 September, pretax profit reached VND 10,421 billion, up nearly 9% year on year and equivalent to roughly 70% of the VND 14,982 billion annual target, which itself represents 5% growth over 2025. Total operating income rose 29% to VND 19,179 billion, with non-interest income of VND 7,489 billion contributing 39% of the total.

Balance-sheet expansion outpaced profit growth. Total assets reached VND 694,183 billion at 30 September 2026, up 29% year on year, while customer deposits and market-one funding reached VND 520,976 billion, up 30% since the start of the year. Customer loans stood at VND 481,570 billion, up 23% year to date and 24% year on year. The cost-to-income ratio improved to 27.83% for the nine months, and the NPL ratio was held at 1.87%. Separately, Techcombank reported 9M2026 pretax profit of VND 28,900 billion (+23.7%) on total operating income of VND 45,200 billion (+17.1%), with Q3 profit of VND 10,400 billion (+25.8%).

Market Context

LPB closed at VND 37,850 on 20 October 2026 on HOSE. Among the affected tickers, TCB closed at VND 34 (+0.59%) on 21 October on volume of 8.08 million shares, while VPB closed at VND 24 (-1.04%) on volume of 4.05 million shares. The 9M2026 reporting season has so far delivered mostly double-digit profit growth across the eight banks that have disclosed, with ABBank, Nam A Bank and Vietbank also reporting higher earnings alongside continued expansion in total assets, mobilisation and lending. The pattern is consistent with a sector where credit growth is running ahead of profit growth for faster-expanding mid-cap banks such as LPBank.

Strategic Significance

LPBank’s result highlights a deliberate trade-off: assets and loans are growing at roughly 24-29%, well above the sector’s credit quota framework, while pretax profit grows at about 9%. That gap reflects provisioning and funding costs absorbed during rapid expansion, and it means the 2026 plan of VND 14,982 billion requires a stronger Q4 than the nine-month run rate implies. The 39% non-interest income share and the CIR falling to 27.83% are the more durable signals, suggesting fee and ancillary revenue is diversifying the earnings base away from pure net interest margin. Against Techcombank’s 23.7% profit growth and 16.3% trailing ROE, LPBank’s thesis rests on whether scale converts into returns as the balance sheet matures.

What to Watch

• Q4/2026 and full-year 2026 results, which must close a roughly VND 4,561 billion gap to the VND 14,982 billion target.
• Asset quality updates, with the NPL ratio at 1.87% and credit growing 23% year to date.
• Credit growth quota allocation from the State Bank of Vietnam for the remainder of 2026.
• Further 9M2026 disclosures from the remaining listed banks, which will sharpen the sector ranking behind VPBank and Techcombank.
• Any foreign-ownership or capital-raising filings at LPB tied to balance-sheet expansion.