Vietcombank (VCB) Assets Up 9.8%, Sacombank (STB) Profit Halved in H1 2026

Overview

Vietcombank (VCB) reported strong H1 2026 results with total assets rising 9.83% and non-performing loans (NPL) below 1%, while Sacombank (STB) CEO Loic Faussier estimated pre-tax profit fell approximately 50% due to rising NPL and provisioning costs. The contrasting updates highlight the divergent performance among Vietnamese banks.

Key Facts

• Vietcombank’s total assets reached nearly VND 2.67 quadrillion as of June 30, 2026, up 9.83% from end-2025.
• VCB’s credit outstanding stood at VND 1.74 quadrillion, up 4.8% from the start of the year.
• VCB’s NPL ratio was controlled under 1%, and its capital adequacy ratio (CAR) was 11.14%.
• Sacombank’s CEO estimated pre-tax profit for H1 2026 at VND 1,900-2,000 billion, down about 50% year-on-year.
• Sacombank’s NPL ratio is estimated to have surged to 5.6%, with provisioning costs rising to over VND 4,700 billion.
• VCB’s international payment and trade finance turnover increased 16.1%, with market share at 18.6%.
• VCB’s foreign exchange trading turnover rose 20.3%.

What Happened

On July 10, 2026, Vietcombank held a conference in Hanoi to review its first-half performance. Management reported that total assets grew 9.83% to nearly VND 2.67 quadrillion, with credit growth of 4.8%. The bank highlighted strong performance in FDI-related lending, with outstanding loans to FDI enterprises up over 16%, and SME lending up 10.4%. VCB’s international payment and trade finance turnover increased 16.1%, and foreign exchange trading turnover rose 20.3%, maintaining its leading position in foreign banking.

Separately, Sacombank CEO Loic Faussier told the press that the bank faces significant pressure from rising capital costs and legacy issues. He estimated NIM has narrowed, NPL could jump to 5.6%, and provisioning costs may reach a record VND 4,700 billion. Consequently, pre-tax profit after provisions is expected to be only VND 1,900-2,000 billion, roughly half of the prior year’s level. The exact figures will be released in the official financial statements.

Market Context

VCB shares closed at VND 60,500 on July 11, 2026, down 0.98% on volume of 3.0 million shares on HOSE. STB shares closed at VND 70,100, down 1.27% on volume of 2.1 million shares on HOSE. The market has been pricing in the divergence, with VCB benefiting from its strong asset quality and franchise, while STB has been under pressure from legacy NPL issues and higher provisioning.

Strategic Significance

Vietcombank’s results reinforce its position as a top-tier Vietnamese bank with strong asset quality and a dominant role in trade finance and foreign exchange. Its focus on FDI and SME lending positions it well to benefit from supply chain shifts and foreign capital inflows. In contrast, Sacombank’s sharp profit decline highlights the lingering burden of past NPLs and the challenge of managing capital costs in a high-interest-rate environment. The divergence suggests that investors should differentiate between banks based on asset quality, provisioning coverage, and business model resilience.

What to Watch

• Official H1 2026 financial statements from both banks, expected in the coming weeks.
• Sacombank’s NPL resolution progress and any updates on restructuring plans.
• Vietcombank’s credit growth trajectory in H2, especially in FDI and SME segments.
• The State Bank of Vietnam’s policy on credit growth caps and interest rates.
• Any changes in foreign ownership limits or strategic partnerships for either bank.