Four Vietnamese banks report H1 2026 profit declines; Saigonbank (SGB) down 72%
This Aveluro analysis covers SGB on UPCOM in the Banks sector. The classified event type is earnings miss, with negative sentiment and a deterministic market-impact score of 9.8/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. Source coverage came from CafeF - Tài chính ngân hàng, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Four Vietnamese banks reported declining pre-tax profits for the first half of 2026, bucking the industry trend of positive earnings growth. Saigonbank (SGB) suffered the steepest drop at 72%, followed by Eximbank (EIB) down 51%, Sacombank (STB) down approximately 50%, and LPBank (LPB) down 3%. The results reflect rising provisioning costs, narrowing net interest margins, and lingering legacy asset-quality issues.
Key Facts
- Saigonbank (SGB) H1 2026 pre-tax profit: VND 48 billion, down 72% year-on-year.
- SGB recorded a Q2 2026 pre-tax loss of VND 40 billion, versus a profit of VND 76 billion in Q2 2025.
- SGB’s provisioning costs in Q2 rose 62.4% to over VND 64 billion.
- Eximbank (EIB) H1 2026 pre-tax profit: approximately VND 730 billion, down 51% year-on-year.
- EIB’s Q2 profit was about VND 392 billion, down ~40% year-on-year; total assets reached ~VND 266,500 billion.
- Sacombank (STB) H1 2026 pre-tax profit: VND 1,900-2,000 billion, down ~50% year-on-year; NPL ratio estimated at 5.6%.
- LPBank (LPB) H1 2026 pre-tax profit: VND 5,973 billion, down 3% year-on-year.
What Happened
As of late July 2026, 17 banks had disclosed or hinted at H1 2026 results. While most reported profit growth, four lenders posted declines. Saigonbank (SGB), listed on UPCOM, saw H1 pre-tax profit plunge 72% to VND 48 billion, making it the first bank to report a quarterly loss in Q2 2026. The bank attributed the downturn to a 62% drop in net operating income and a 62.4% surge in provisioning expenses.
Eximbank (EIB) CEO Tran Tan Loc announced at an extraordinary shareholder meeting that H1 pre-tax profit was about VND 730 billion, down 51%, completing 48% of the full-year target. Sacombank (STB) CEO Loic Faussier disclosed that H1 pre-tax profit after provisions was VND 1,900-2,000 billion, roughly halved from a year earlier, citing NIM compression and a spike in NPLs to 5.6%. LPBank (LPB) reported a more modest 3% decline to VND 5,973 billion.
Market Context
Saigonbank (SGB) closed at VND 12,500 on July 28, 2026, on UPCOM. Eximbank (EIB) closed at VND 17,350 on the same date. Sacombank (STB) traded at VND 72 on July 29, down 0.55% with volume of 813,000 shares on HOSE. LPBank (LPB) closed at VND 53,500 on July 28. The earnings misses come amid a broader banking sector that has generally benefited from economic recovery, but these four banks face idiosyncratic pressures from high provisioning and margin erosion.
Strategic Significance
The divergent performance among these banks underscores the importance of asset quality and cost of funds in the current rate environment. Saigonbank’s loss highlights the vulnerability of smaller lenders with concentrated loan books. Eximbank and Sacombank are grappling with legacy NPLs and elevated provisioning, while LPBank’s near-flat profit suggests relative resilience. For long-term investors, the key differentiator will be each bank’s ability to control credit costs and rebuild margins.
What to Watch
- Saigonbank’s Q3 2026 earnings and any guidance on NPL trends.
- Eximbank’s progress toward its full-year profit target and NPL ratio movements.
- Sacombank’s NPL ratio and provisioning costs in Q3, as well as any restructuring updates.
- LPBank’s ability to stabilize or grow profit in the second half.
- Sector-wide NIM trends and SBV policy rate decisions.