Vietcombank Leads 9M Profit at VND 40,440B as Banks Post Q3 Results

Overview

Vietcombank (VCB, HOSE) reported 9M pre-tax profit of VND 40,440 billion, up 22.1% year-on-year, retaining the top position among Vietnamese listed banks. VietinBank (CTG, HOSE) posted the highest third-quarter profit at VND 13,689 billion, up 29%, while Sacombank, Eximbank and Saigonbank recorded sharp declines. The results, compiled from bank disclosures through 30 October, frame the sector’s earnings picture for the first nine months of the year.

Key Facts

• Vietcombank 9M pre-tax profit: VND 40,440 billion, +22.1% YoY; Q3 alone VND 11,218 billion, roughly flat versus Q3 of the prior year.
• VietinBank 9M pre-tax profit: VND 39,557 billion, +33.9%; Q3 VND 13,689 billion, +29%, the highest Q3 among banks that have reported.
• BIDV (BID, HOSE) 9M pre-tax profit: VND 29,483 billion, +24.8%; Q3 VND 10,579 billion, +39.3%, with credit provisioning down 25% to VND 4,640 billion.
• MB (MBB, HOSE) 9M pre-tax profit: VND 30,518 billion, +31.9%; VPBank VND 29,911 billion, +46.7%; Techcombank VND 28,915 billion, +23.7%.
• ACB 9M pre-tax profit: VND 16,614 billion, +3.4%; SHB VND 14,309 billion, +17%, with Q3 up 57.1% to VND 5,166 billion.
• Sacombank 9M pre-tax profit: VND 5,893 billion, -46.4%; Eximbank VND 864 billion, -57.8%; Saigonbank VND 65.9 billion, -74.5%.
• VietinBank 9M net interest income: VND 61,931 billion, +27.7%; net fee income +42.5% to VND 6,602 billion; credit provisioning +22.6% to VND 20,781 billion.

What Happened

Vietnamese banks disclosed third-quarter and nine-month profit results through 30 October, with Vietcombank holding the largest nine-month pre-tax profit at VND 40,440 billion. The bank’s growth was concentrated in the first half; its Q3 pre-tax profit of VND 11,218 billion was nearly unchanged from the same quarter a year earlier. VietinBank finished second at VND 39,557 billion, less than VND 900 billion behind Vietcombank, and led the quarter with VND 13,689 billion in pre-tax profit.

BIDV ranked fifth at VND 29,483 billion for nine months, with Q3 profit up 39.3% as provisioning fell 25%. MB, VPBank and Techcombank all reported quarterly pre-tax profit above VND 10,000 billion. At the smaller end, NCB’s nine-month profit reached VND 1,574 billion, 2.4 times the prior-year level, and ABBank rose 85.5% to VND 4,301 billion. Sacombank, Eximbank and Saigonbank reported the steepest declines. The figures are drawn from bank financial statements and disclosures summarized in the press; the article does not specify whether all banks have completed reporting.

Market Context

Banking stocks remain the largest weight in the VN-Index, and the reported results arrive with VCB closing at VND 56,300, CTG at VND 30,300, BID at VND 33,400 and MBB at VND 19,300 on 30 October. The spread between state-owned lenders posting double-digit nine-month growth and smaller private banks recording contractions points to divergent credit quality and provisioning paths across the sector. Vietcombank’s flat quarterly result, against a 22.1% nine-month gain, indicates momentum decelerated in the third quarter.

Strategic Significance

For long-term investors, the results sharpen the distinction between scale and growth. Vietcombank retains the earnings lead but its flat Q3 suggests limited near-term upside from its current base, while VietinBank’s 33.9% nine-month growth and highest quarterly profit narrow the gap to under VND 900 billion. BIDV’s 39.3% Q3 increase, supported by a 25% reduction in provisioning, raises the question of whether lower credit costs rather than core income are driving the improvement. The sharp declines at Sacombank, Eximbank and Saigonbank reinforce that asset-quality and provisioning differences, not sector-wide trends, now separate bank earnings.

What to Watch

• Full-year profit guidance updates from VCB and CTG at forthcoming shareholder or analyst meetings.
• Q4 credit growth and provisioning data in the State Bank of Vietnam’s monthly banking reports.
• Whether BIDV sustains its Q3 provisioning reduction or reverses it in Q4.
• Foreign-ownership and block-trade filings for VCB and CTG, given their index weight.
• Any restatement or completion of reporting by banks not covered in the 30 October roundup.