Vietcombank Leads Q1/2026 Banking Profits at 11.8T VND; Sector Up 14% YoY

Overview

All 27 listed banks on Vietnamese exchanges have released their Q1/2026 financial statements, with aggregate pre-tax profit surpassing VND 94,000 billion, up 14% year-on-year. Vietcombank (VCB) retained the absolute profit crown at VND 11,803 billion, while smaller lenders ABBank, PGBank, and BVBank led in growth rates. The results underscore a broad-based recovery in banking sector earnings.

Key Facts

• Total pre-tax profit of 27 listed banks in Q1/2026 exceeded VND 94,000 billion, up 14% YoY.
• Vietcombank (VCB) reported pre-tax profit of VND 11,803 billion, up 9% YoY, ranking first in absolute profit.
• VietinBank (CTG) posted VND 11,139 billion, a 63% YoY increase, narrowing the gap with VCB.
• Techcombank (TCB) led private banks with VND 9,628 billion (+15% YoY).
• VPBank (VPB) recorded VND 7,921 billion (+58% YoY).
• ABBank (+261%), PGBank (+187%), and BVBank (+169%) posted the highest growth rates.
• Six out of 27 banks reported negative profit growth.

What Happened

By April 29, all 27 listed banks had published their Q1/2026 business results, according to market data. The aggregate profit of VND 94,000+ billion represents a 14% increase over the same period in 2025. Vietcombank maintained its leading position with pre-tax profit of VND 11,803 billion, though its growth of 9% lagged behind several peers. VietinBank’s 63% surge brought it to second place, significantly closing the gap with the industry leader.

Among private banks, Techcombank reported the highest profit at VND 9,628 billion (+15%), followed by VPBank at VND 7,921 billion (+58%). HDBank and ACB also posted strong results. The fastest growth came from smaller institutions: ABBank (+261%), PGBank (+187%), and BVBank (+169%).

Market Context

VCB shares closed at VND 60,000 on April 15, up 1.01% on volume of 8.5 million shares on HOSE. CTG traded flat at VND 35,000, while TCB and MBB saw slight declines. The banking sector has been a key driver of the VN-Index, and the Q1 earnings season confirms sustained profitability despite margin pressures. The wide dispersion in growth rates highlights divergent strategies: large state-owned banks focus on stability, while smaller players capitalize on niche lending and fee income.

Strategic Significance

Vietcombank’s continued profit leadership reinforces its position as a core holding for income-focused investors, though its single-digit growth suggests a mature phase. The rapid expansion of VietinBank and VPBank indicates successful restructuring and market share gains. The triple-digit growth of small banks like ABBank and PGBank, while from a low base, points to increasing competition in retail and SME lending. The sector’s aggregate 14% profit growth aligns with Vietnam’s GDP expansion and credit growth targets, but the six banks with negative growth warrant monitoring for asset quality issues.

What to Watch

• Q2/2026 credit growth and NIM trends across the sector.
• Asset quality indicators (NPL ratios) for banks with negative profit growth.
• VietinBank’s ability to sustain 63% profit growth amid narrowing gap with VCB.
• ABBank, PGBank, and BVBank’s Q2 earnings to confirm growth sustainability.
• SBV policy on credit room allocation for the remainder of 2026.