SHB Posts 9-Month Pre-Tax Profit of VND 14,300B, Hits 81% of 2026 Target

Overview

SHB (HOSE) reported preliminary nine-month pre-tax profit of VND 14,300 billion, up 17% year-on-year and equal to 81% of its full-year 2026 plan, according to figures presented at the bank’s 2026 Investor Conference on 15 October. The result keeps the bank on track to meet its annual target, with the pending divestment of SHB Finance flagged for fourth-quarter recognition.

Key Facts

• Nine-month pre-tax profit estimated at VND 14,300 billion, up 17% versus the same period in 2025.
• The result equals 81% of SHB’s full-year 2026 pre-tax profit plan.
• Total assets rose about 11.4% year-to-date to VND 990 trillion, up 16.5% year-on-year.
• Market 1 funding grew roughly 12.2% year-to-date and 14.2% year-on-year, reaching VND 720 trillion.
• Credit outstanding increased 9.52% to VND 680 trillion.
• The non-performing loan ratio was kept below 2%.
• The SHB Finance divestment will be booked in fourth-quarter results, not the third quarter.
• S&P Global Ratings assigned an “AA” rating to SHB bonds guaranteed by the ADB trust fund.

What Happened

Speaking at the SHB 2026 Investor Conference on the afternoon of 15 October, Chief Executive Officer Ngô Thu Hà said the bank has continued to strengthen its internal capacity through efficient growth, higher capital adequacy, risk management, digital transformation and expanded international partnerships. She presented preliminary business results through the end of September, including the VND 14,300 billion pre-tax profit figure and the balance-sheet metrics above.

Asked by investors whether the sale of a stake in consumer finance subsidiary SHB Finance would be recognised in third-quarter results, Ngô Thu Hà said the transaction would be accounted for in the fourth quarter. The bank also highlighted its recent milestone as the first Vietnamese bank to issue bonds denominated in Singapore dollars and list them on the Singapore market, where the notes now trade. The article does not disclose the value of the SHB Finance transaction or the size of the bond issue.

Market Context

SHB closed at VND 10,400 on 15 October 2026 on HOSE, the exchange on which the shares trade. The nine-month update lands in a Vietnamese banking sector where credit growth and asset quality have been the central investor debates of 2026, and where several listed banks have leaned on one-off gains to close the gap to annual profit plans. SHB’s sub-2% NPL ratio and 9.52% year-to-date credit growth place it within the sector’s mainstream expansion range, while the pending SHB Finance gain gives management a visible lever for the fourth quarter.

Strategic Significance

The strategic read is that SHB is positioning itself as a capital-markets-facing bank rather than a purely domestic lender. The SGD bond listing in Singapore and the S&P “AA” rating on ADB-guaranteed paper widen its offshore funding options and lower the cost of diversifying away from domestic deposits, which matters for a bank targeting VND 990 trillion in assets. The SHB Finance divestment, meanwhile, converts a non-core consumer finance asset into a capital and earnings event, potentially supporting the bank’s capital adequacy ahead of any future growth or Basel-related requirements. For long-term holders, the thesis rests on whether fee and treasury income can supplement spread lending as the bank scales.

What to Watch

• Third-quarter and nine-month audited financial statements, including confirmation of the VND 14,300 billion pre-tax profit figure.
• Fourth-quarter disclosure of the SHB Finance divestment value and the resulting one-off gain.
• Full-year 2026 profit outcome against the VND 17,650 billion implied by the 81% completion rate.
• Further details on the SGD-denominated bond issue, including size, tenor and coupon.
• Monthly or quarterly credit growth and NPL disclosures to confirm asset quality stays below 2%.