VPBank, Techcombank, LPBank Q3 2026 Profits Surge on HOSE

Overview

Vietnamese banks reported strong third-quarter and nine-month 2026 earnings, led by VPBank (VPB) on HOSE with consolidated pre-tax profit of nearly VND 30 trillion, up almost 47% year on year. Techcombank (TCB) and LPBank (LPB) also posted double-digit or near-double-digit growth, though the sector continues to face funding, liquidity and net interest margin pressure.

Key Facts

• VPBank (VPB) nine-month 2026 consolidated pre-tax profit reached nearly VND 30,000 billion, up almost 47% year on year.
• VPBank’s nine-month result equals its full-year 2025 profit and fulfils roughly 72.4% of its 2026 plan.
• VPBank’s third-quarter 2026 pre-tax profit exceeded VND 11,000 billion, its second consecutive record quarter.
• Techcombank (TCB) nine-month pre-tax profit was VND 28,900 billion, up 23.7% year on year.
• Techcombank’s third-quarter profit was VND 10,400 billion, up 25.8% and its highest quarterly figure to date.
• LPBank (LPB) nine-month pre-tax profit was VND 10,421 billion, up nearly 9% and about 70% of its annual plan.
• LPBank’s third-quarter profit was VND 4,448 billion, up 29% year on year.

What Happened

The results, drawn from nine-month 2026 business reports, show several commercial banks sustaining positive profit momentum, with some setting all-time quarterly highs and others already completing most of their full-year targets after three quarters. VPBank’s third-quarter pre-tax profit of more than VND 11,000 billion marked a second straight record, while Techcombank’s VND 10,400 billion was its best quarter on record.

The article cautions that profit growth does not mean financial pressure has eased. With credit demand still high, banks must secure funding, maintain liquidity, control deposit costs and meet capital-safety and risk-management requirements. SSI forecasts system-wide credit growth of 16-17% in 2027, with banks under its coverage reaching 17.9%, concentrated in construction, infrastructure and public-investment-linked sectors. Interbank liquidity pressure seen in early 2026 eased on State Bank of Vietnam tools, State Treasury deposits and adjustments to rules on using short-term funds for medium- and long-term lending.

Market Context

VPB on HOSE closed at 24 on 23 October 2026, down 0.84% on volume of 1,423,300 shares, a muted reaction to the earnings release. TCB closed at 34, down 0.59% on volume of 4,968,900 shares, while LPB closed at 39,000 on 22 October 2026. The flat-to-lower price action suggests the market had largely anticipated the profit growth and is now focused on margin and funding dynamics rather than headline earnings.

Strategic Significance

The key question for long-term investors is whether earnings growth is being bought with expensive funding. VPBank’s near-47% profit increase and Techcombank’s record quarter reflect scale and operating leverage, but the article explicitly flags net interest margin compression and deposit-cost control as the binding constraints. Banks that can grow credit at the forecast 16-17% system rate while holding funding costs and capital ratios in check should preserve returns; those relying on higher-cost deposits to fund expansion may see profit growth outpace underlying franchise improvement.

What to Watch

• Full-year 2026 results and whether VPBank converts its 72.4% plan completion into an overachievement.
• Net interest margin disclosure in fourth-quarter filings for VPB, TCB and LPB.
• State Bank of Vietnam credit-growth quota allocations and any further interbank liquidity measures.
• Deposit-rate movements at VPBank, Techcombank and LPBank, given the funding pressure cited in the article.
• SSI’s 2027 credit-growth forecast of 16-17% and whether public-investment lending accelerates.