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In Q1 2026, Lộc Phát Việt Nam Joint Stock Commercial Bank (LPBank) reported operating income growth of about 10%, supported by lending activity and foreign exchange trading. However, profit fell by more than 10% as credit risk provisions increased sharply amid deterioration in asset quality.
Total operating income in the quarter reached 5,154 billion VND, up 9.9% year over year. Net interest income was the largest contributor at 3,878 billion VND, increasing 18.2%.
Foreign exchange trading and securities investment also expanded rapidly, rising 3.5 times and 15 times, respectively, compared with Q1 2025.
Despite the strong core income, some non-credit revenue streams weakened. Net interest income from services declined 19.4% to 667 billion VND. In addition, net income from other operating activities fell 73.2%, partially offsetting the overall revenue increase.
On the cost side, total operating expenses increased 18.2% to 1,553 billion VND. As a result, pre-provision operating profit grew only 6.7% to 3,601 billion VND, significantly slower than operating income growth.
The key factor behind the profit decline was a sharp rise in credit loss provisions. LPBank’s risk provision for credit losses increased to 774 billion VND, nearly four times the same period last year (up 290.9%).
This increase coincided with a 12.7% rise in non-performing loans compared with the end of the previous year, reaching 7,398 billion VND.
With higher provisions, LPBank’s pre-tax profit reached 2,826 billion VND, down 11% year over year. Net profit after tax was 2,279 billion VND, down 10.1%.
As of 31/3/2026, LPBank’s total assets stood at 580,860 billion VND, down 4.1% from end-2025. Customer loans rose 2.9% to 403,026 billion VND, while customer deposits increased 2.4% to 345,760 billion VND.
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