VPBank (VPB) Reports 44.4% Pre-Tax Profit Surge, Employee Income Up 30% in 2025

Overview

VPBank (VPB) disclosed its 2025 financial results, showing a significant 44.4% increase in pre-tax profit to VND 26,364 billion. The bank’s operating income rose 26% to VND 53,382 billion, while average monthly employee income grew over 30%. These figures, reported in the bank’s separate financial statement, highlight robust performance amid rapid asset expansion.

Key Facts

• Pre-tax profit for 2025 reached VND 26,364 billion, a 44.4% increase year-on-year.
• Total operating income rose 26% to VND 53,382 billion, with net interest income up over 18% to VND 44,356 billion.
• Average employee income increased 32.5% to VND 41.17 million per month (approximately VND 494 million annually).
• Total assets expanded by over 33% to VND 1.17 quadrillion, with customer loans up 36.6% to over VND 845,000 billion.
• Total employee compensation reached VND 8,042 billion, a 50.8% increase, while the headcount at the parent bank rose by over 1,900 to 16,279.
• CEO Nguyễn Đức Vinh received total compensation of VND 11.207 billion for 2025, while Chairman Ngô Chí Dũng received VND 3.36 billion.
• Credit risk provision expenses decreased by approximately 18%, contributing to profit growth.

What Happened

According to its separate financial statement, VPBank achieved a pre-tax profit of VND 26,364 billion in 2025, marking a 44.4% surge from the previous year. This was driven by a 26% increase in total operating income to VND 53,382 billion, where net interest income remained the primary driver with an over 18% rise to VND 44,356 billion. The bank also reported strong growth in net service income (over 37%) and other operating income (over 60%). A key factor in the profit jump was an approximately 18% reduction in credit risk provision expenses, alongside effective cost control.

Concurrently, VPBank significantly raised compensation for its workforce. Total employee income reached VND 8,042 billion, up 50.8% year-on-year, lifting the average monthly income per employee by 32.5% to VND 41.17 million. The bank’s leadership compensation remained high, with CEO Nguyễn Đức Vinh receiving VND 11.207 billion, slightly down 1% from 2024, and Chairman Ngô Chí Dũng receiving VND 3.36 billion, nearly unchanged. The article notes this reflects a common pattern in private banks where CEO pay is closely tied to operational performance.

Market Context

VPB shares trade on the Ho Chi Minh Stock Exchange (HOSE). The stock closed unchanged at VND 27,000 on April 15, 2026, with a volume of 9.5 million shares. The 2025 results arrive as the Vietnamese banking sector navigates credit growth and asset quality management. VPBank’s reported asset expansion of over 33% and loan growth of 36.6% outpace many peers, positioning it as a rapidly scaling player.

Strategic Significance

The results underscore VPBank’s dual focus on aggressive growth and human capital investment. The 33% asset expansion and 36.6% loan growth indicate a market-share capture strategy, while the 30%+ rise in average employee income aims to attract and retain talent in a competitive labor market. The sharp reduction in credit risk provisions suggests improved asset quality or a strategic release of buffers, directly boosting profitability. For long-term investors, this signals a bank prioritizing scale and operational efficiency to drive returns.

What to Watch

• Q1 2026 earnings release to see if the high growth trajectory continues.
• Asset quality metrics (NPL ratio) in subsequent reports to assess sustainability of reduced provisions.
• Regulatory filings on capital adequacy as the bank expands its balance sheet.
• Updates on deposit growth rates relative to loan growth to monitor funding stability.
• Any announcements on dividend policy following the strong profit performance.