VPB Q3 2026 Earnings: Vietnam Banks Post 45.4% Profit Growth

Overview

VPBank (VPB), listed on HOSE, was among the first two banks to report Q3/2026 results, posting after-tax profit growth of 20.4% year on year, while SHB reported +58.8%. The two disclosures anchor a partial earnings season in which 109 of 1,519 listed companies, representing 10.4% of total market capitalization, had reported by 19 October 2026, with aggregate after-tax profit up 45.4% year on year.

Key Facts

• 109 of 1,519 listed companies had disclosed Q3/2026 financial statements or preliminary estimates as of 19 October 2026, equal to 10.4% of total market capitalization.
• Aggregate after-tax profit for the reporting group rose 45.4% year on year.
• Non-financial companies grew 66.4%, versus 27.3% for financial companies.
• VPB after-tax profit increased 20.4% year on year; SHB increased 58.8%.
• BSR led non-financial growth at +659.4% year on year, supported by favorable refining margins and a low base.
• VGT posted nine-month after-tax profit up 44.9% year on year, exceeding its annual plan, with Q3 alone up 39.1%.
• Chemicals fell 77.3% year on year, driven by GVR at -82.9% and PHR; GAS rose 66.2% while POW fell 86.2%.

What Happened

The figures were compiled from company disclosures through 19 October 2026 and reported in Vietnamese financial media. VPBank and SHB were the first two banks to publish Q3/2026 results, with after-tax profit up 20.4% and 58.8% respectively. The article notes explicitly that the reporting sample remains small and that headline growth is heavily influenced by a handful of large-cap companies, so the 45.4% aggregate figure should not be read as a market-wide result.

Within financial services, seven of 49 securities companies, representing 23.3% of sector capitalization, reported after-tax profit roughly flat at +0.8% year on year. Dispersion was wide: TCX rose 7.9% and IVS grew strongly off a low base, while MBS fell 5.2%, DSC fell 96.7% and EVS swung to a loss. The article attributes the weak brokerage results to softer market liquidity in Q3 and continued price correction across most stocks, which weighed on brokerage, margin lending and proprietary trading. In utilities, 18 of 141 companies had reported, covering 52.7% of sector capitalization, with after-tax profit up 22.9% but sharply split between GAS and POW.

Market Context

VPB closed at 24 on 20 October 2026, down 1.04% on volume of 7,052,700 shares, a modest pullback that leaves the stock digesting results rather than reacting sharply. SHB closed at 10,550 and BSR at 28,850 on 19 October 2026. The banking sector’s early results sit within a broader Vietnamese market where Q3 liquidity has weakened and most listed shares have corrected, a backdrop that explains the flat securities-sector profit and the divergence between large and small caps in utilities and chemicals.

Strategic Significance

For long-term holders, the key read is that VPB’s 20.4% profit growth is solid but below the 45.4% aggregate and well below SHB’s 58.8%, suggesting the bank is growing steadily rather than benefiting from a one-off. The aggregate figure is distorted by BSR’s refining-margin windfall, which is cyclical and unlikely to repeat at the same magnitude. The more durable signal is the 27.3% financial-sector growth versus 66.4% for non-financials: banks are compounding on credit and provisioning dynamics, while the non-financial outperformance rests on a narrow set of commodity-linked names. Chemicals at -77.3% and POW at -86.2% show how quickly sector-level averages can invert when one or two large caps disappoint.

What to Watch

• Full Q3/2026 reporting wave as the sample expands beyond 10.4% of market capitalization, which will test whether the 45.4% aggregate holds.
• VPB’s net interest margin, credit growth and provisioning detail in its full Q3 filing, not yet disclosed in the summary figures.
• Further bank disclosures from the remaining HOSE-listed lenders to benchmark VPB’s 20.4% against sector peers.
• BSR refining-margin trend into Q4, given the +659.4% base effect will not repeat.
• The 28 December 2026 first trading date on HOSE for stocks transferred from HNX, which affects index and liquidity composition for affected tickers.