Nam A Bank (NAB) Posts 9M 2026 Profit of VND 4,700B, Up 25% YoY

Overview

Nam A Bank (HOSE: NAB) became the first Vietnamese listed bank to publish 9M 2026 results, reporting pre-tax profit above VND 4,700 billion, up 25% year-on-year, and roughly 80% of its full-year 2026 pre-tax profit plan. The bank also reported its NPL ratio falling to about 1.5% and total assets approaching VND 465,000 billion, a combination that points to both earnings momentum and improving balance-sheet quality.

Key Facts

• 9M 2026 pre-tax profit: more than VND 4,700 billion, up 25% versus 9M 2025.
• Completion rate: nearly 80% of the full-year 2026 pre-tax profit plan and over 95% of the scale-growth target.
• NPL ratio (pre-CIC) at 30 September 2026: about 1.5%, down 1.1 percentage points year-on-year.
• Group 2 loans controlled at 0.6%; NPL coverage ratio up 12.6 percentage points versus the same period last year.
• CAR at end-September 2026: 11.3%, up 0.2 percentage points from end-2025 and well above the 8% minimum.
• Total assets: close to VND 465,000 billion; deposits and issued paper reached nearly VND 254,000 billion, up almost 20% from end-2025.
• H1 2026 audited pre-tax profit was VND 3,159 billion, also up 25% year-on-year, on total assets of VND 452,000 billion.

What Happened

Nam A Bank (Ngân hàng TMCP Nam Á) released its 9M 2026 business results on 1 October 2026, according to the bank’s own disclosure. Pre-tax profit for the nine months to 30 September 2026 exceeded VND 4,700 billion, a 25% increase over the same period in 2025. Management said the result equates to nearly 80% of the full-year 2026 pre-tax profit plan and more than 95% of the year’s scale-growth objective.

Asset quality improved alongside earnings. The NPL ratio before CIC stood at roughly 1.5% at end-September, down 1.1 percentage points year-on-year, while Group 2 loans were held at 0.6% and the NPL coverage ratio rose 12.6 percentage points. Capital adequacy reached 11.3%, and total assets approached VND 465,000 billion, with deposits from households and corporates plus issued paper at nearly VND 254,000 billion, up almost 20% from end-2025. The disclosure did not break out net interest margin, fee income or provisioning charges for the quarter.

Market Context

NAB trades on HOSE and closed at VND 12,500 on 2 October 2026. The 9M update lands in a Vietnamese banking sector where earnings growth has been uneven, with some lenders still working through legacy asset-quality issues while others, including NAB, report simultaneous profit expansion and NPL reduction. The bank’s 25% profit growth and 1.5% NPL ratio place it among the faster-improving mid-tier lenders, though the share price remains in low single-digit thousands of dong, a level that typically reflects persistent market concerns over dilution, capital needs or sector-wide credit quality.

Strategic Significance

The core thesis for NAB rests on whether the bank can keep compounding profit at roughly 25% while continuing to shrink its NPL ratio and lift coverage. The 12.6 percentage point increase in NPL coverage is the more durable signal: it means the bank is building buffers rather than releasing provisions to flatter earnings. Combined with a CAR of 11.3%, NAB retains headroom to grow credit without an immediate capital raise, which matters for a mid-sized lender competing against larger state-owned and private banks. The near-20% growth in deposits and issued paper also suggests funding is keeping pace with asset expansion, reducing reliance on wholesale markets.

What to Watch

• Full Q3 2026 financial statements, expected later in October 2026, for net interest margin, fee income and provisioning detail.
• Whether NAB sustains the 1.5% NPL ratio and 0.6% Group 2 level through the year-end reporting season.
• Any State Bank of Vietnam credit-growth quota adjustments for 2026 that would affect NAB’s ability to deploy its capital headroom.
• Foreign-ownership room and shareholder-structure filings, given the bank’s stated international capital-raising efforts.
• Full-year 2026 profit versus the VND 5,900 billion-plus implied by the 80% completion rate at nine months.