LPBank, Techcombank, PGBank Post Strong 9M2026 Profit Growth

Overview

Three Vietnamese banks reported 9M2026 pre-tax profit growth, led by Techcombank (HOSE: TCB) at VND 28,900 billion (+23.7%), LPBank (HOSE: LPB) at VND 10,421 billion (+nearly 9%) and PGBank (UPCoM: PGB) at VND 630 billion (+27%). For LPB, the result equals roughly 70% of its VND 14,982 billion 2026 target, with third-quarter profit alone up 29% year on year.

Key Facts

• LPBank Q3/2026 pre-tax profit reached VND 4,448 billion, up 29% year on year; 9M2026 reached VND 10,421 billion, up nearly 9% and about 70% of the VND 14,982 billion annual plan.
• LPBank 9M total operating income was VND 19,179 billion (+29%), of which net non-interest income was VND 7,489 billion, or 39% of the total.
• LPBank total assets reached VND 694,183 billion at 30 September 2026 (+29% year on year); customer loans were VND 481,570 billion (+23% from end-2025) and customer deposits and market-1 funding VND 520,976 billion (+30% year to date).
• LPBank cost-to-income ratio was 27.83% for 9M (20.71% in Q3 alone), down about 0.5 percentage points year on year; the non-performing loan ratio stood at 1.87% at end-September.
• Techcombank 9M2026 pre-tax profit was VND 28,900 billion (+23.7%), on total operating income of VND 45,200 billion (+17.1%); Q3 profit was VND 10,400 billion (+25.8%).
• Techcombank trailing 12-month ROE was 16.3% versus 14.4% a year earlier, ROA 2.5%, and total assets about VND 1.3 quadrillion (+16.7%); corporate credit reached VND 542,400 billion (+20% year to date).
• PGBank 9M2026 post-provision pre-tax profit was VND 630 billion (+27%), with total net income up 9.6%, service and FX non-interest income more than doubling, CASA up 32% and equity at VND 8,364 billion (+27.8% from end-2025).

What Happened

According to the banks’ third-quarter 2026 financial statements, LPBank (Ngân hàng Lộc Phát Việt Nam) reported Q3 pre-tax profit of VND 4,448 billion, up 29% year on year, lifting the nine-month figure to VND 10,421 billion, up nearly 9% and equal to about 70% of the VND 14,982 billion target set for 2026. Growth came from net interest income, non-interest revenue and credit expansion; net non-interest income of VND 7,489 billion accounted for 39% of total operating income, and the cost-to-income ratio fell to 27.83% for the nine months.

Techcombank (Ngân hàng TMCP Kỹ thương Việt Nam) reported 9M pre-tax profit of VND 28,900 billion, up 23.7%, on total operating income of VND 45,200 billion (+17.1%). The bank said corporate credit growth of 20% year to date was driven mainly by disbursements to large-scale infrastructure projects. PGBank (Ngân hàng TMCP Thịnh vượng và Phát triển) reported post-provision pre-tax profit of VND 630 billion, up 27%, helped by service and foreign-exchange income that more than doubled.

Market Context

LPB closed at VND 38,400 on 27 October 2026, TCB at VND 33,550 and PGB at VND 9,500. The results land as Vietnamese banks work through 2026 credit-growth quotas set by the State Bank of Vietnam; Techcombank noted its credit growth was 10.7% under the SBV cap versus 16.3% including project loans excluded from the limit. LPBank’s balance-sheet expansion, with assets up 29% year on year, is well ahead of system averages, while PGBank remains a small UPCoM-listed lender with assets of VND 92,637 billion.

Strategic Significance

The three results illustrate different growth models within one sector. LPBank is pursuing scale, with assets and funding both up about 30% and non-interest income at 39% of revenue, a mix that supports profitability but raises questions about capital consumption and asset quality at a 1.87% NPL ratio. Techcombank’s 16.3% ROE and infrastructure-linked corporate lending point to a quality-of-earnings story tied to public investment. PGBank’s 27% profit growth on modest 7.1% loan growth shows fee and FX income can lift smaller banks, though its CASA base and VND 8,364 billion equity leave limited buffer.

What to Watch

• LPBank’s remaining 2026 plan delivery: about 30% of the VND 14,982 billion target must be earned in Q4.
• Any State Bank of Vietnam adjustment to 2026 credit-growth quotas and its effect on LPB and TCB loan expansion.
• LPBank asset quality through year-end, given the 1.87% NPL ratio and 23% year-to-date loan growth.
• Techcombank’s infrastructure disbursement pipeline and whether corporate credit sustains 20% growth.
• PGBank capital developments following the increase in charter capital from VND 5,500 billion.