VPBank Q2 2026: record profit while NIM slips
Figures checked on 29/07/2026
VPBank posted 10,959 billion VND in consolidated pre-tax profit for Q2 2026, up 76% year on year and the highest quarter in the bank's history. After six months, consolidated profit is close to 18,900 billion VND, about 46% of the full-year plan.
That record did not come from margin. Consolidated NIM slipped to roughly 5.12% in the quarter. Growth came from two other places: a 24.6% expansion in the loan book, and a fourfold jump in profit at the securities arm VPBankS.
Q2 2025 is derived from the reported 76% increase, not an originally published figure. The highlighted bar is the quarter under analysis.
The parent bank grew 42% while the consolidated figure grew 76%. The gap sits in the subsidiaries, most of it VPBankS.
The annual plan is derived from the 46% completion rate the bank reported.
Profit up 76% while margin goes down
These two numbers usually do not travel together, and where they meet is the part worth reading closely. Consolidated NIM fell to roughly 5.12%, meaning each unit of lending earns less than before. Yet six-month operating income still reached 43,400 billion VND, up 35.2%.
The only way both can be true is if volume grew faster than margin compressed. The parent bank's loan book reached nearly 1.06 million billion VND, up 24.6%, among the fastest in the system. This was a quarter of growth by volume, not by margin quality.
Nearly a fifth of profit came from the securities arm
The parent bank earned 8,183 billion VND before tax in the quarter, up 42%. The consolidated figure was 10,959 billion, up 76%. The distance between 42% and 76% is precisely what the subsidiaries contributed.
VPBankS added 2,159 billion VND, roughly four times the year-earlier figure and about 19.7% of consolidated profit. Its operating revenue reached 4,098 billion, up 3.5 times, largely from expanding margin lending.
That changes how the record should be read. A meaningful share of Q2 profit is tied to stock market liquidity, a far more cyclical source than a bank's net interest income. When the market cools, this contribution shrinks quickly.
Asset quality is the thing to watch
Standalone NPL under Circular 31 stayed near 2%, below the bank's own 2.5% target. Consolidated NPL, however, sits under 3%, higher than the standalone figure. That gap lives in the subsidiaries, where consumer lending operates.
Placed next to 24.6% credit growth, this is the pair to track over the next two quarters. Fast loan growth inflates the denominator first, while bad debt tends to surface several quarters later. A low NPL ratio during a high-growth quarter is not yet evidence of portfolio quality.
Two liquidity measures remain within limits: LDR at 84.5% and short-term funding used for medium and long-term lending at 22.4%, both compliant with State Bank regulations.
What these figures do not tell you
- —This analysis uses only publicly released figures. It is not investment advice and does not replace the full audited financial statements.
- —The Q2 2025 figure and the annual plan are derived from the growth and completion rates the bank reported, not originally published numbers.
- —No Q2 cost-to-income ratio was available in public sources at the time of checking, so cost efficiency is not assessed here.
- —The contribution of FE Credit and other subsidiaries can only be inferred in aggregate, not separated by entity.
Data table
| Metric | Q2 2026 | Year on year |
|---|---|---|
| LNTT hợp nhất | 10.959 tỷ đồng | +76% |
| LNTT ngân hàng mẹ | 8.183 tỷ đồng | +42% |
| LNTT VPBankS | 2.159 tỷ đồng | khoảng 4 lần |
| Doanh thu VPBankS | 4.098 tỷ đồng | khoảng 3,5 lần |
| LNTT 6 tháng hợp nhất | ~18.900 tỷ đồng | +68% |
| LNTT 6 tháng ngân hàng mẹ | 15.600 tỷ đồng | +45,5% |
| Tổng thu nhập hoạt động 6 tháng | 43.400 tỷ đồng | +35,2% |
| Dư nợ ngân hàng mẹ | ~1,06 triệu tỷ đồng | +24,6% |
| NIM hợp nhất | khoảng 5,12% | giảm nhẹ |
| Nợ xấu riêng lẻ (TT31) | quanh 2% | dưới mục tiêu 2,5% |
| Nợ xấu hợp nhất | dưới 3% | — |
| LDR | 84,5% | trong hạn mức |
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Try it freeFrequently asked questions
Consolidated pre-tax profit for Q2 2026 was 10,959 billion VND, up 76% year on year and the highest in the bank's history. The parent bank alone earned 8,183 billion VND, up 42%.
Because growth came from volume rather than margin. The loan book grew 24.6%, so total income still rose 35.2% even as each unit of lending earned less. On top of that, nearly 20% of consolidated profit came from the securities arm VPBankS, a source unrelated to NIM.
In Q2 2026 VPBankS posted 2,159 billion VND in pre-tax profit, about 19.7% of VPBank's consolidated profit and roughly four times the year-earlier figure.
Standalone NPL under Circular 31 is around 2%, below the 2.5% target. Consolidated NPL is under 3%, higher than standalone because of consumer lending in the subsidiaries.
Sources
- VPBank lãi gần 11.000 tỷ một quý — Tri thức
- VPBank đạt gần 19.000 tỷ lợi nhuận 6 tháng — Kinh doanh Net
- VPBankS đạt LNTT 2.159 tỷ quý II/2026 — Tin nhanh chứng khoán
- VPBank bứt tốc nửa đầu năm 2026 — Báo Chính phủ
- Vững vàng trước biến động, VPBank nửa đầu 2026 — CafeF
This is information, not investment advice. Every figure is sourced below; if you act on it, check the original filing first.