VPBank Q2 Profit Hits Record VND 11 Trillion; BVBank Profit Surges 5x

Overview

VPBank (VPB) announced a record quarterly pre-tax profit of nearly VND 11 trillion in Q2 2026, bringing H1 2026 pre-tax profit to VND 18.9 trillion, up 68% year-on-year. Meanwhile, BVBank (BVB) reported a fivefold profit surge to VND 500 billion in H1 2026 and raised its full-year target to VND 1,000 billion. Both results underscore robust earnings growth in Vietnam’s banking sector.

Key Facts

• VPBank’s H1 2026 consolidated pre-tax profit reached VND 18.9 trillion, up 68% YoY.
• Q2 2026 pre-tax profit was nearly VND 11 trillion, a record quarterly high for the bank.
• VPBank’s consolidated total operating income (TOI) in H1 2026 was VND 43.4 trillion, up 35.2% YoY.
• VPBank’s parent bank contributed VND 15.6 trillion in H1 profit, up 45.5% YoY.
• BVBank’s H1 2026 pre-tax profit was approximately VND 500 billion, more than five times the VND 93 billion in H1 2025.
• BVBank raised its full-year 2026 profit target to VND 1,000 billion from the initial VND 700 billion.
• BVBank’s cost-to-income ratio (CIR) improved to 51% from 59% at end-2025.

What Happened

VPBank released preliminary H1 2026 business results showing consolidated pre-tax profit of nearly VND 18.9 trillion, a 68% increase from the same period last year, achieving about 46% of its full-year plan. The Q2 2026 pre-tax profit of nearly VND 11 trillion marked the highest quarterly core business profit in the bank’s history. The parent bank contributed VND 15.6 trillion in profit, up 45.5% YoY. Total operating income rose 35.2% to VND 43.4 trillion, driven by credit expansion, with parent bank loans reaching nearly VND 1.06 quadrillion, up 24.6% from end-2025. The non-performing loan (NPL) ratio remained around 2% for the parent bank and below 3% on a consolidated basis.

BVBank also disclosed H1 2026 pre-tax profit of about VND 500 billion, completing nearly 70% of its original annual plan. Management subsequently raised the full-year target to VND 1,000 billion. The profit surge was attributed to a 14.9% increase in total operating income outpacing an 11.3% rise in costs, improving the CIR to 51% from 59% at end-2025. Return on equity (ROE) improved to 10%, up nearly 4 percentage points from end-2025, while net interest margin (NIM) remained stable at 2.6%.

Market Context

VPB shares closed at VND 26,000 on July 17, 2026, up 0.38% with volume of 9.8 million shares, reflecting positive investor sentiment following the earnings release. The stock trades on HOSE. BVBank (BVB) closed at VND 13,000 on July 8, 2026, down 0.75% on volume of 4.3 million shares, trading on UPCOM. The banking sector has seen mixed performance, with larger banks like VPBank delivering strong growth while some smaller banks face headwinds. VPBank’s record profit and BVBank’s turnaround highlight divergent fortunes within the sector.

Strategic Significance

VPBank’s record quarterly profit underscores its successful expansion in retail and SME lending, with credit growth of 24.6% in H1 2026 significantly outpacing the industry average. The bank’s ability to maintain NPL ratios below 3% while growing rapidly suggests effective risk management. For BVBank, the fivefold profit increase and improved ROE to 10% indicate a successful restructuring and cost optimization. The upward revision of BVBank’s full-year target signals management confidence in sustaining momentum. Both banks benefit from Vietnam’s economic recovery and rising credit demand, though VPBank’s scale and diversified revenue streams provide a more resilient earnings base.

What to Watch

• VPBank’s Q3 2026 earnings release to see if profit momentum continues.
• BVBank’s ability to achieve the revised VND 1,000 billion profit target for full-year 2026.
• NPL trends for both banks, especially given rapid credit expansion.
• Any regulatory changes affecting consumer lending or capital adequacy requirements.
• Foreign ownership limits and potential capital raising plans for VPBank.