VPBank Q2 2026 Pre-Tax Profit Hits VND 10,959B, Up 76% YoY

Overview

VPBank (VPB) reported Q2 2026 pre-tax profit of VND 10,959 billion, up 76% year-on-year, making it the first Vietnamese listed company to exceed VND 10,000 billion in quarterly profit. The strong performance contributed to a 6M2026 pre-tax profit of VND 18,880 billion (+68% YoY). Other companies including TPBank (TPB), Hai Phong Thermal Power (HND), Pha Lai Thermal Power (PPC), and Binh Minh Plastic (BMP) also posted positive earnings growth.

Key Facts

• VPBank (VPB) Q2 2026 pre-tax profit: VND 10,959 billion, +76% YoY.
• VPBank 6M2026 pre-tax profit: VND 18,880 billion, +68% YoY.
• TPBank (TPB) Q2 2026 pre-tax profit: VND 2,562 billion, +26% YoY; 6M2026: VND 4,668 billion, +13% YoY.
• Hai Phong Thermal Power (HND) Q2 2026 pre-tax profit: VND 366 billion, +36% YoY; 6M2026: VND 638 billion, +41% YoY.
• Pha Lai Thermal Power (PPC) Q2 2026 pre-tax profit: VND 80 billion, +1,019% YoY (from low base of VND 7 billion); 6M2026: VND 181 billion, +150% YoY.
• Binh Minh Plastic (BMP) Q2 2026 pre-tax profit: VND 459 billion, +11% YoY; 6M2026: VND 839 billion, +9% YoY.
• Two companies reported losses: O to Giai Phong and DVSC each posted a loss of VND 5 billion in Q2 2026.

What Happened

VPBank (VPB) released its Q2 2026 financial statements showing pre-tax profit of VND 10,959 billion, a 76% increase from the same period last year. This marks the first time a Vietnamese listed company has achieved quarterly profit above VND 10,000 billion. For the first half of 2026, VPBank’s cumulative pre-tax profit reached VND 18,880 billion, up 68% year-on-year.

Other companies also reported strong results. TPBank (TPB) posted Q2 pre-tax profit of VND 2,562 billion (+26% YoY) and 6M2026 profit of VND 4,668 billion (+13% YoY). Hai Phong Thermal Power (HND) recorded Q2 profit of VND 366 billion (+36% YoY) and 6M2026 profit of VND 638 billion (+41% YoY). Pha Lai Thermal Power (PPC) saw Q2 profit surge to VND 80 billion from a low base of VND 7 billion in Q2 2025, a 1,019% increase. Binh Minh Plastic (BMP) reported Q2 profit of VND 459 billion (+11% YoY) and 6M2026 profit of VND 839 billion (+9% YoY). In contrast, O to Giai Phong and DVSC each reported a loss of VND 5 billion in Q2 2026.

Market Context

VPB closed at VND 25,850 on July 18, 2026, on HOSE. The bank’s strong earnings come amid a competitive banking sector where net interest margins are under pressure. TPB closed at VND 15,200 on HOSE, reflecting steady growth. HND closed at VND 9,600 on HNX, and PPC closed at VND 9,100 on HNX, both benefiting from higher electricity demand. BMP closed at VND 45,000 (estimated) on HOSE, showing resilience in the materials sector.

Strategic Significance

VPBank’s record quarterly profit underscores its successful strategy in retail and SME lending, as well as cost management. The bank’s ability to generate over VND 10,000 billion in a single quarter positions it as a leader among Vietnamese commercial banks. For TPBank, consistent growth reflects stable operations. The strong performance of thermal power companies HND and PPC highlights the sector’s recovery amid rising electricity consumption. BMP’s modest growth indicates steady demand for plastic products.

What to Watch

• VPBank’s full-year 2026 profit guidance and whether it can sustain quarterly profit above VND 10,000 billion.
• TPBank’s Q3 2026 earnings to confirm growth trajectory.
• HND and PPC’s Q3 2026 results amid potential changes in coal prices and electricity output.
• BMP’s ability to maintain margins in a competitive materials market.
• Any regulatory changes affecting banking or energy sectors.