SHB Q1 2026 Pre-Tax Profit Hits VND 4,656B, Service Income Surges 291%
This Aveluro analysis covers SHB (Sài Gòn – Hà Nội) in the Banking sector. The classified event type is earnings beat, with positive sentiment and a deterministic market-impact score of 5.6/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from CafeF - Tài chính ngân hàng, classified as a primary/top-tier source.
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Overview
SHB (Ngân hàng TMCP Sài Gòn – Hà Nội) announced Q1/2026 pre-tax profit of VND 4,656 billion, up nearly 7% year-on-year, with service income surging 291%. The results exceeded market expectations and underscore the bank’s progress in diversifying revenue beyond net interest income.
Key Facts
- Q1/2026 pre-tax profit: VND 4,656 billion, up 7% YoY, completing 26% of the full-year plan.
- Total net income: VND 7,471 billion, up 23.5% YoY.
- Net service income: VND 1,288 billion, up 291% YoY.
- Total consolidated assets as of March 31, 2026: VND 930,983 billion, up 4.4% from end-2025.
- Total market I deposits: VND 675,520 billion, up 4.7%.
- Outstanding credit (retail): VND 619,549 billion, up 2.22% from end-2025.
- Consolidated CAR: 12.39%.
- 2026 profit target (optimistic scenario): VND 19,165 billion, up 28% YoY; planned dividend 18%.
What Happened
SHB released its Q1/2026 financial statements, showing strong growth in both net interest income and non-interest income. The bank’s net service income surged 291% to VND 1,288 billion, making it the standout driver of revenue diversification. Total net income reached VND 7,471 billion, up 23.5% year-on-year.
At the annual general meeting, SHB approved two business scenarios for 2026, with the more optimistic target of pre-tax profit of VND 19,165 billion (+28%). The bank also plans to raise charter capital to VND 58,786 billion and maintain a dividend payout of 18%. Asset quality indicators improved, with the non-performing loan coverage ratio rising compared to end-2025.
Market Context
SHB shares closed at VND 14,000 on May 12, 2026, down 1.06% on volume of 45 million shares. The stock has been under pressure amid sector-wide volatility, but the Q1 earnings beat could provide a catalyst. SHB trades on HOSE and is one of Vietnam’s larger private banks by assets. The banking sector overall has seen mixed earnings, with SHB’s service income growth standing out.
Strategic Significance
SHB’s sharp increase in service income signals a successful pivot toward fee-based revenue, reducing reliance on net interest margin. This diversification supports long-term profitability and aligns with regulatory encouragement for banks to develop non-credit income. The high CAR of 12.39% provides a buffer for credit growth and potential M&A. The 2026 profit target implies a 28% YoY increase, which, if achieved, would mark a strong performance in a competitive banking landscape.
What to Watch
- Q2 2026 earnings release for sustained service income momentum.
- Credit growth relative to the SBV’s assigned limit for SHB.
- Progress on charter capital increase and dividend payout timeline.
- NPL ratio and coverage ratio trends in subsequent quarters.
- Any updates on the bank’s digital transformation and cross-selling initiatives.