Vietcombank Leads 9M Profit at VND 40,440bn as Q3 Bank Earnings Diverge
This Aveluro analysis covers VCB (Vietcombank) on HOSE in the Banks sector. The classified event type is earnings beat, with mixed sentiment and a deterministic market-impact score of 8.4/10. 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
Vietcombank (VCB, HOSE) reported nine-month 2026 pre-tax profit of VND 40,440bn, up 22.1% year on year, retaining the sector lead across the 28 banks tracked in the Q3 earnings roundup. The headline growth masks a flat third quarter, while VietinBank (CTG, HOSE) delivered the strongest single-quarter result at VND 13,689bn. The dispersion between large state-owned banks and several smaller or mid-tier lenders widened sharply.
Key Facts
- Vietcombank 9M pre-tax profit: VND 40,440bn, +22.1% YoY; Q3 alone VND 11,218bn, roughly flat versus Q3/2025.
- VietinBank 9M pre-tax profit: VND 39,557bn, +33.9%, within VND 900bn of Vietcombank; Q3 VND 13,689bn, +29%, the highest quarterly figure among reporting banks.
- BIDV (BID, HOSE) 9M pre-tax profit: VND 29,483bn, +24.8%; Q3 VND 10,579bn, +39.3%, with credit provisioning down 25% to VND 4,640bn.
- MB (MBB, HOSE) 9M VND 30,518bn (+31.9%), VPBank (VPB, HOSE) VND 29,911bn (+46.7%), Techcombank (TCB, HOSE) VND 28,915bn (+23.7%); all three exceeded VND 10,000bn in Q3.
- ACB (HOSE) 9M VND 16,614bn, +3.4%; SHB (HOSE) VND 14,309bn, +17%, with Q3 up 57.1% to VND 5,166bn.
- Decliners: Sacombank (STB, HOSE) 9M VND 5,893bn (-46.4%), Eximbank (EIB, HOSE) VND 864bn (-57.8%), Saigonbank (SGB, UPCOM) VND 65.9bn (-74.5%).
- Small-bank outliers: NCB 9M VND 1,574bn (2.4x YoY), ABBank VND 4,301bn (+85.5%), BVBank +88.9% for 9M though Q3 fell 19.1%.
What Happened
The roundup, compiled from third-quarter financial statements published by 26 of the 28 banks covered, shows Vietcombank’s nine-month growth concentrated in the first half. Its Q3 pre-tax profit of VND 11,218bn was near-identical to the prior-year quarter, meaning the 22.1% cumulative gain was largely banked before July. VietinBank closed the gap to under VND 900bn for the nine months, supported by net interest income of VND 61,931bn (+27.7%), net fee income of VND 6,602bn (+42.5%) and credit provisioning of VND 20,781bn (+22.6%).
BIDV combined 24.8% nine-month growth with a 39.3% Q3 increase, helped by a 12.4% rise in quarterly net interest income to VND 17,056bn and a 25% reduction in provisioning. At the smaller end, NCB, ABBank and BVBank reported outsized percentage gains off low bases, while Sacombank, Eximbank and Saigonbank recorded steep contractions. The figures are drawn from company financial statements; the article does not disclose full-year targets or asset-quality metrics for most banks.
Market Context
Banking stocks have traded in a narrow band into the reporting period. VCB closed at VND 56,300 on 30 October 2026, CTG at VND 30,300, BID at VND 33,400 and MBB at VND 19,300. The flat Q3 at Vietcombank sits against a sector where state-owned peers CTG and BID are still accelerating, a divergence that matters for relative valuation across the HOSE-listed banking complex. The roundup covers banks across HOSE, HNX and UPCOM, with the largest names concentrated on HOSE.
Strategic Significance
The key structural read is the narrowing gap between Vietcombank and VietinBank. A sub-VND 900bn nine-month differential, combined with VietinBank’s faster quarterly momentum and stronger fee growth, challenges the assumption that VCB’s premium valuation is unassailable. For BIDV, lower provisioning alongside double-digit core income growth suggests asset-quality pressure may be easing. The sharp declines at Sacombank and Eximbank point to a widening split between banks with provisioning buffers and those still working through legacy credit costs, a distinction that should drive sector allocation more than headline sector growth.
What to Watch
- Full-year 2026 profit targets and any guidance revisions at VCB and CTG, expected with Q4 results.
- Q4 provisioning trends at BID, where Q3 credit risk costs fell 25% year on year.
- Net interest margin disclosure for VCB, to test whether the flat Q3 reflects margin compression or lower one-off gains.
- Asset-quality data (NPL and restructured-loan ratios) for STB and EIB, which reported the steepest declines.
- Remaining two banks in the 28-bank sample yet to publish Q3 statements.