VPBank Leads Private Banks With VND 30,000B 9M2026 Profit, Up 47%

Overview

VPBank (ticker VPB, HOSE) reported consolidated pre-tax profit of nearly VND 30,000 billion for the first nine months of 2026, up almost 47% year on year, making it the most profitable private bank among the 15 lenders that had disclosed results as of the morning of 28 October 2026. Techcombank (TCB) followed at VND 28,900 billion, while ACB, SHB and LPBank each reported pre-tax profit above VND 10,000 billion. The disclosures frame the sector’s earnings picture ahead of the remaining bank results.

Key Facts

• VPBank 9M2026 consolidated pre-tax profit: nearly VND 30,000 billion, up almost 47% year on year.
• VPBank net interest income: nearly VND 53,100 billion, up 26.7%; net fee income up 76.3%.
• VPBank total operating income: nearly VND 65,500 billion, up 25.3%; Q3 pre-tax profit exceeded VND 11,000 billion, a record quarter.
• VPBank total assets at 30 September 2026: above VND 1.6 quadrillion, up 27.8% from end-2025; standalone credit outstanding reached VND 1.1 quadrillion, up nearly 30%.
• Techcombank 9M2026 pre-tax profit: VND 28,900 billion, up 23.7%; total operating income VND 45,200 billion, up 17.1%; Q3 profit VND 10,400 billion, up 25.8%.
• Techcombank trailing 12-month ROE 16.3%, ROA 2.5%; total assets about VND 1.3 quadrillion; corporate credit outstanding VND 542,400 billion, up 20% year to date.
• ACB 9M2026 pre-tax profit above VND 16,600 billion, up more than 3% year on year, equal to 74% of its full-year plan; SHB and LPBank each exceeded VND 10,000 billion.

What Happened

As of the morning of 28 October 2026, 15 Vietnamese banks had published nine-month business results, according to the source article. VPBank topped the private-bank group with consolidated pre-tax profit of nearly VND 30,000 billion, a gain of almost 47% over the same period last year. The article attributes the growth to credit expansion and a strong contribution from non-interest income: consolidated net interest income reached nearly VND 53,100 billion (+26.7%), while net fee income rose 76.3% on payments, insurance and investment banking. Total operating income came in at nearly VND 65,500 billion (+25.3%), and third-quarter pre-tax profit alone exceeded VND 11,000 billion, which the article describes as the highest quarterly profit in the bank’s operating history.

Techcombank ranked second with nine-month pre-tax profit of VND 28,900 billion (+23.7%) on total operating income of VND 45,200 billion (+17.1%). Its third-quarter pre-tax profit reached VND 10,400 billion (+25.8%), with trailing 12-month ROE of 16.3% and ROA of 2.5%. Corporate credit outstanding stood at VND 542,400 billion, up 20% from the start of the year, which the article links mainly to disbursements for large infrastructure projects. ACB placed third at more than VND 16,600 billion (+3% year on year, 74% of plan), with SHB and LPBank each above VND 10,000 billion. The article does not disclose the specific profit figures for SHB and LPBank beyond the VND 10,000 billion threshold.

Market Context

VPB closed at VND 23,200 on 27 October 2026 on HOSE, while TCB closed at VND 33,550, ACB at VND 21,300 and SHB at VND 10,800. The results land during the peak of Vietnam’s third-quarter earnings season, when bank disclosures typically set the tone for the VN-Index. The article notes wide dispersion across the 15 reporting banks in both income scale and year-on-year growth, with one lender already exceeding its full-year plan and two posting declines. VPBank’s roughly VND 1,000 billion lead over Techcombank at the pre-tax line places the two lenders at the top of the private-bank profit table.

Strategic Significance

VPBank’s result rests less on balance-sheet size than on the mix of income: fee income growing 76.3% is roughly three times the pace of net interest income, which matters because it lifts returns without proportional capital consumption. Combined with 27.8% asset growth and nearly 30% standalone credit growth, the bank is expanding aggressively while diversifying revenue, a combination that supports the ROE story if credit costs stay contained. For Techcombank, 20% corporate credit growth tied to infrastructure disbursements signals a deliberate wholesale-led strategy with different risk characteristics from VPBank’s retail and fee-heavy model. ACB’s slower 3% growth but 74% plan completion illustrates the trade-off between pace and predictability across the group.

What to Watch

• Remaining bank 9M2026 disclosures, with the article noting 15 of the sector’s lenders have reported so far.
• VPBank’s provisioning and credit-cost lines in its full third-quarter filing, which the article does not detail.
• Specific profit figures and growth rates for SHB and LPBank, not disclosed beyond the VND 10,000 billion threshold.
• Fourth-quarter credit growth against the SBV’s 2026 sector target, given VPBank’s near-30% year-to-date expansion.
• Any foreign-ownership or capital-plan filings at VPB and TCB following the results.