VPB Q2 2026 Pre-Tax Profit Hits VND 10,959B, Up 76% YoY; Banks, Securities Lead

Overview

VPBank (VPB) reported Q2 2026 pre-tax profit of VND 10,959 billion, a 76% year-on-year increase, according to its quarterly financial statement released on July 20. The strong quarter brought first-half 2026 pre-tax profit to VND 18,880 billion, up 68% from the same period last year. Other listed companies including TPB, HND, PPC, and BMP also posted solid earnings growth, while OCBS led all firms with a profit surge of over 4,000%.

Key Facts

• VPB Q2 2026 pre-tax profit: VND 10,959 billion, +76% YoY.
• VPB 6M 2026 pre-tax profit: VND 18,880 billion, +68% YoY.
• TPB Q2 2026 pre-tax profit: VND 2,562 billion, +26% YoY; 6M profit: VND 4,668 billion, +13% YoY.
• HND Q2 2026 pre-tax profit: VND 366 billion, +36% YoY; 6M profit: VND 638 billion, +41% YoY.
• PPC Q2 2026 pre-tax profit: VND 80 billion, +1,019% YoY (vs low base of VND 7 billion); 6M profit: VND 181 billion, +150% YoY.
• BMP Q2 2026 pre-tax profit: VND 459 billion, +11% YoY; 6M profit: VND 839 billion, +9% YoY.
• OCBS recorded the highest profit growth among all companies in Q2 2026, exceeding 4,000%.

What Happened

VPBank (VPB) released its Q2 2026 financial statements on the morning of July 20, showing a sharp acceleration in earnings. Pre-tax profit for the quarter reached VND 10,959 billion, a 76% jump from Q2 2025, driven by strong net interest income and fee-based revenue. The cumulative first-half profit of VND 18,880 billion (+68% YoY) positions VPB among the top-performing banks in the current reporting season.

Other notable results include TPBank (TPB), which reported Q2 pre-tax profit of VND 2,562 billion (+26% YoY), and two thermal power companies: Hai Phong Thermal Power (HND) posted VND 366 billion (+36% YoY), and Pha Lai Thermal Power (PPC) saw a dramatic turnaround with VND 80 billion (+1,019% YoY) from a very low base. Binh Minh Plastic (BMP) recorded VND 459 billion (+11% YoY). OCBS, a securities firm, led all companies with profit growth exceeding 4,000%.

Market Context

VPB shares closed at VND 25,850 on July 19, 2026, on HOSE. The banking sector has been a key driver of the VN-Index in recent months, supported by improving credit growth and net interest margins. TPB (HOSE) closed at VND 15,200, while HND (HNX) and PPC (HNX) traded at VND 9,600 and VND 9,100, respectively. BMP (HOSE) closed at VND 459,000. The strong earnings reports from banks and securities firms contrast with weaker results from hydropower companies, which faced lower water levels.

Strategic Significance

VPB’s sustained double-digit profit growth underscores its successful pivot toward retail and SME banking, which has diversified revenue streams and improved asset yields. The bank’s ability to maintain momentum despite a challenging macro environment suggests effective cost management and credit risk controls. For the broader market, the earnings season confirms that banks and securities firms are benefiting from lower interest rates and increased capital market activity, while thermal power companies like PPC are recovering from low bases. Investors should monitor whether VPB can sustain this growth trajectory in the second half, particularly given potential headwinds from rising provisioning costs.

What to Watch

• VPB’s Q3 2026 earnings release in October for confirmation of sustained profit momentum.
• SBV policy rate decisions and their impact on NIM for VPB and TPB.
• PPC’s ability to maintain profitability as base effects fade in H2 2026.
• OCBS’s full-year earnings guidance following its exceptional Q2 growth.
• Foreign ownership limits and net foreign flows into VPB and TPB.