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According to the consolidated Q1 2026 financial statements, KienlongBank (HOSE: KLB) posted pre-tax profit of nearly VND 522 billion, up 46% year-on-year, supported by higher core net interest income and lower credit-risk provisions.
In Q1, core operations remained stable as net interest income reached about VND 919 billion, up 8% year-on-year. Non-interest income also contributed positively, with net income from foreign exchange trading rising 34% to about VND 28 billion. Securities trading revenue in the trading book exceeded VND 26 billion, compared with none in the prior year. Gains from investing in securities increased from VND 88 million to VND 645 million.
Some non-interest income items declined. Income from services fell 42% to just over VND 92 billion, attributed to weaker revenue from payments, treasury, entrusted and agency services. Other income dropped 85% to about VND 16 billion, mainly due to lower recoveries of difficult debts recognized via provisions.
Operating costs were trimmed by 28% to nearly VND 418 billion, lifting pre-provision operating profit by 20% to VND 665 billion. In addition, KLB cut loan-loss provisions by 28% to just over VND 143 billion. As a result, pre-tax profit rose 46% to nearly VND 522 billion.
Relative to the annual pre-tax profit target of VND 2,600 billion, Q1 accounted for about 20% of the target. The bank said the outcome reflects a profitability growth strategy focused on optimizing operations, increasing productivity, cutting unnecessary management expenses, improving asset quality, and strengthening risk management.
As of the end of Q1, total assets rose 5% year-to-date to about VND 108,967 billion. Loans to customers increased 2% to about VND 73,234 billion, while customer deposits rose 2% to about VND 73,137 billion.
Total bad debt rose 4% to over VND 1,492 billion, and the bad debt ratio edged up gradually to 1.9% of gross loans.
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