VPBank AGM: 2026 Profit Target of 41.3 Trillion VND, Charter Capital to Reach 100 Trillion VND

Overview

VPBank (VPB) held its 2026 Annual General Meeting on April 22, reporting record 2025 pre-tax profit of over 30.6 trillion VND (+53% YoY) and setting a 2026 profit target of 41.323 trillion VND (+35%). The bank plans a 5% cash dividend and a 26.04% stock dividend to raise charter capital to 100 trillion VND, with a second private placement to foreign investors targeting over 106.2 trillion VND. This would make VPBank the bank with the highest charter capital in the Vietnamese banking system.

Key Facts

• 2025 pre-tax profit: over 30.6 trillion VND, up 53% YoY, achieving 121% of the annual plan.
• 2026 pre-tax profit target: 41.323 trillion VND, up 35% YoY.
• Total assets at end-2025: 1.26 quadrillion VND, up 36.4% from the start of the year.
• Cash dividend: 5% (3,966 billion VND), expected to be paid in Q2-Q3 2026.
• Stock dividend: 26.04% from equity, raising charter capital to 100 trillion VND.
• Second private placement: up to 624 million shares to a foreign investor, raising charter capital to over 106.2 trillion VND.
• 2026 targets: total assets 1.63 quadrillion VND (+29%), credit growth 34%, NPL ratio below 2.5%.

What Happened

At its 2026 AGM held on April 22, VPBank reported that 2025 consolidated pre-tax profit reached a record high of over 30.6 trillion VND, a 53% increase from the prior year and 121% of the annual target. Total consolidated assets stood at 1.26 quadrillion VND, up 36.4% from the beginning of the year, making VPBank the largest private bank by total assets in Vietnam. Credit outstanding at end-2025 exceeded 961 trillion VND, with the bank’s standalone credit growing 35%.

For 2026, VPBank targets consolidated pre-tax profit of 41.323 trillion VND (+35%), total assets of 1.63 quadrillion VND (+29%), and credit growth of 34%. The bank plans a 5% cash dividend (3,966 billion VND) and a 26.04% stock dividend to raise charter capital to 100 trillion VND. Additionally, a second private placement of over 624 million shares to a foreign investor is planned for Q3-Q4 2026, which would lift charter capital to over 106.2 trillion VND, making VPBank the bank with the highest charter capital in the system.

Market Context

VPB shares closed at 27,000 VND on April 15, 2026, with no change from the previous session and volume of 9.5 million shares. The stock has been supported by strong earnings momentum and expectations of capital increases. VPBank is listed on HOSE and is one of the largest private banks by market capitalization. The banking sector has seen robust credit growth and improving asset quality, though competition for deposits remains intense.

Strategic Significance

The planned capital increase to over 106 trillion VND would solidify VPBank’s position as the best-capitalized bank in Vietnam, providing a strong buffer for credit expansion and potential M&A. The private placement to a foreign investor signals continued international interest in Vietnamese banking assets and could bring strategic expertise. The aggressive profit targets for 2026, particularly the 93% growth at FE Credit and 44% growth at VPBankS, indicate a focus on consumer finance and securities brokerage as key growth drivers.

What to Watch

• Completion of the stock dividend issuance in Q2-Q3 2026 and the resulting charter capital increase.
• Identification and approval of the foreign investor for the private placement.
• Q2 2026 earnings release to gauge progress toward the 41.3 trillion VND profit target.
• NPL ratio trends, especially at FE Credit, given the high growth target.
• Regulatory approval for the capital increase and any changes in foreign ownership limits.