LPBank (LPB) 9M Profit Hits VND 10,421B, Q3 Up 29%

Overview

LPBank (ticker LPB, HOSE) reported nine-month pre-tax profit of VND 10,421 billion, up nearly 9% year-on-year, according to its freshly published financial statements. Third-quarter pre-tax profit alone reached VND 4,448 billion, up 29% year-on-year, putting the bank at roughly 70% of the VND 14,982 billion full-year target set at the April annual general meeting. The result matters because the profit mix is shifting: fee and FX income, not net interest income, supplied most of the growth.

Key Facts

• 9M pre-tax profit: VND 10,421 billion, up nearly 9% year-on-year.
• Q3 pre-tax profit: VND 4,448 billion, up 29% year-on-year.
• 9M total operating income: VND 19,179 billion, up 29% year-on-year.
• 9M net non-interest income: VND 7,489 billion, about 39% of total operating income.
• Service income: VND 5,977 billion for 9M, up 136% year-on-year and nearly 80% of non-interest income; Q3 alone VND 3,395 billion, almost 4x the prior-year quarter.
• FX income: VND 889 billion for 9M, up 241% year-on-year.
• CIR: 27.83% for 9M (Q3: 20.71%); NPL ratio 1.87%; total assets VND 694,183 billion, up 29%.
• Customer loans VND 481,570 billion, up 24% year-on-year and 23% year-to-date; market-1 deposits VND 520,976 billion, up 34% year-on-year.

What Happened

LPBank disclosed the figures in its third-quarter financial statements, with the numbers reported in the local press. The bank posted nine-month pre-tax profit of VND 10,421 billion, up nearly 9% year-on-year, while third-quarter profit of VND 4,448 billion rose 29% against the same period a year earlier. Cumulative nine-month earnings equate to about 70% of the VND 14,982 billion pre-tax profit plan approved at the April 2026 annual general meeting, a target that itself represented 5% growth over 2025.

The composition of revenue is the more notable detail. Total operating income reached VND 19,179 billion, up 29%, with net non-interest income at VND 7,489 billion, or roughly 39% of the total. Service income contributed VND 5,977 billion, up 136% year-on-year and close to 80% of non-interest income, while Q3 service income of VND 3,395 billion was nearly four times the prior-year quarter. FX income added VND 889 billion, up 241%. Operating costs were VND 5,337 billion, holding the cost-to-income ratio at 27.83% for nine months and 20.71% in Q3, while the NPL ratio stood at 1.87%. The filing does not disclose the transaction value of any single item; the figures above are as stated in the statements.

Market Context

LPB trades on HOSE and closed at VND 37,850 on 20 October 2026. The bank sits in the Vietnamese banking sector, where 2026 earnings have been shaped by a State Bank of Vietnam push to lower lending rates while deposit costs ease. LPBank’s balance sheet expanded quickly: total assets reached VND 694,183 billion, up 29%, customer loans rose 24% year-on-year and 23% year-to-date to VND 481,570 billion, and market-1 deposits climbed 34% year-on-year to VND 520,976 billion. From 19 October the bank cut new short-term production and business lending rates by up to 2 percentage points per year and reduced listed deposit rates by 0.5-0.6 percentage points on tenors of six months and longer, following government and SBV guidance.

Strategic Significance

The investment case here rests on fee income rather than the loan book. Service income of VND 5,977 billion, up 136%, and FX income up 241% mean LPBank is converting its rural-heavy branch network into a distribution channel for bancassurance, payments and other fee products, which is capital-light and less sensitive to the SBV’s rate directives than net interest margin. A CIR of 27.83% and a Q3 reading of 20.71% suggest the cost base is scaling with revenue. The offsetting risk is that 24% loan growth against a 1.87% NPL ratio leaves the bank dependent on asset quality holding as it expands into rural and retail segments, and on the durability of a service-income line that quadrupled in a single quarter.

What to Watch

• Q4 and full-year 2026 results, and whether the bank reaches the VND 14,982 billion pre-tax profit target.
• Sustainability of Q3 service income of VND 3,395 billion in the fourth quarter, or evidence of a one-off component.
• NPL ratio and loan-loss provisioning trends as 24% credit growth seasons.
• Deposit-rate cuts of 0.5-0.6 percentage points feeding through to funding costs in Q4.
• Any SBV credit-growth allocation adjustment for 2026 and its effect on LPB’s loan expansion.