Vietcombank Assets Up 9.8%, Sacombank Profit Halved in H1 2026

Overview

Vietcombank (VCB) announced strong preliminary results for the first half of 2026, with total assets rising 9.83% and credit growth of 4.8%. In contrast, Sacombank (STB) estimated pre-tax profit dropped approximately 50% year-on-year, driven by a sharp increase in non-performing loans and provisioning costs. The updates were disclosed at Vietcombank’s mid-year review conference and via Sacombank’s CEO interview with local media.

Key Facts

• Vietcombank’s total assets reached nearly VND 2.67 quadrillion as of June 30, 2026, up 9.83% from end-2025.
• Vietcombank’s credit outstanding stood at VND 1.74 quadrillion, up 4.8% from end-2025.
• Vietcombank’s NPL ratio was controlled below 1%, and CAR stood at 11.14%.
• Sacombank’s pre-tax profit for H1 2026 is estimated at VND 1,900-2,000 billion, down approximately 50% year-on-year.
• Sacombank’s NPL ratio is estimated to have surged to 5.6%.
• Sacombank’s provisioning costs are estimated to rise to over VND 4,700 billion, among the highest in the banking sector.
• Vietcombank’s international payment and trade finance turnover increased 16.1%, with market share reaching 18.6%.

What Happened

On July 10, 2026, Vietcombank held a mid-year review conference in Hanoi, where management disclosed key operational metrics for the first half of 2026. The bank reported total assets of nearly VND 2.67 quadrillion, up 9.83% from end-2025, and credit growth of 4.8%. The FDI sector remained a key growth driver, with outstanding loans to FDI enterprises rising over 16%, while SME lending increased 10.4%. Vietcombank also highlighted its leading position in international payment and trade finance, with turnover up 16.1% and market share at 18.6%.

Separately, Sacombank CEO Loic Faussier shared preliminary estimates with the press, indicating that the bank’s pre-tax profit for H1 2026 would be around VND 1,900-2,000 billion, a decline of approximately 50% from the same period last year. He attributed the drop to net interest margin compression, a sharp rise in the NPL ratio to an estimated 5.6%, and a surge in provisioning costs to over VND 4,700 billion. The exact figures are still being finalized and will be published in the official financial statements.

Market Context

Vietcombank (VCB) closed at VND 60,500 on July 11, 2026, down 0.98% on volume of 3.0 million shares on HOSE. Sacombank (STB) closed at VND 70,100, down 1.27% on volume of 2.1 million shares on HOSE. The contrasting earnings updates reflect divergent trends in asset quality and profitability among Vietnamese banks. While Vietcombank maintains strong asset quality and growth, Sacombank faces headwinds from legacy NPLs and margin pressure. The banking sector overall has been under scrutiny as credit growth moderates and NIMs compress amid rising funding costs.

Strategic Significance

Vietcombank’s results reinforce its position as a top-tier Vietnamese bank with robust asset quality and a strong franchise in corporate banking, particularly in FDI and trade finance. Its low NPL ratio and high CAR provide a buffer against economic headwinds. For Sacombank, the sharp profit decline and rising NPL ratio highlight ongoing challenges in resolving legacy bad debts and managing margin compression. The bank’s restructuring progress will be critical for investor confidence. The divergence underscores the importance of asset quality and cost management in the current interest rate environment.

What to Watch

• Sacombank’s official H1 2026 financial statements, expected to be released by end-July, for exact profit and NPL figures.
• Vietcombank’s Q2 2026 earnings release for further details on net interest income and fee income trends.
• Any updates on Sacombank’s NPL resolution strategy and potential capital raising plans.
• SBV policy on credit growth targets and interest rates for the remainder of 2026.
• Foreign ownership limits and investor sentiment towards Vietnamese banks amid diverging performance.