According to Sacombank's Q1 2026 financial report, the bank's total assets as of March 31, 2026 reached 859,572 billion dong, down 57,548 billion from the end of 2025, a 6.3% decrease. This quarter marks the strongest total asset contraction for Sacombank in many years, after a period of rapid balance-sheet expansion. From 748,095 billion at end-2024, total assets rose to 807,339 billion by end-Q2 2025, then to 848,942 billion by end-Q3 and peaked at 917,120 billion at end-2025.
The main driver of the decline is Sacombank's significant reduction in interbank market assets. Specifically, deposits at other credit institutions fell from 171,012 billion to 113,369 billion, a decline of over 57,642 billion, which accounts for almost the entire asset decrease in the quarter. This suggests Sacombank actively trimmed interbank funding—usually used to optimize short-term liquidity—reflecting a funds-restructuring strategy or a shift toward balance-sheet liquidity in a context of slowing household deposits.
On the funding side, customer deposits at 31/3/2026 stood at 600,789 billion, down more than 17,553 billion from the end of 2025. This is a rare quarter in which customer deposits declined after several years of growth. In addition to customer deposits, deposits and borrowings from other banks also fell by 31,548 billion to 124,489 billion.
Meanwhile, credit activity was broadly flat in the quarter. Outstanding loans to customers rose slightly by about 568 billion to 626,960 billion.
On the other hand, Sacombank continued to increase investment in securities. The total securities investments at the end of Q1 stood at 95,863 billion, up 3,733 billion from the end of the prior year. Notably, readily marketable securities available-for-sale rose by about 6,000 billion to around 39,000 billion.
This pattern indicates that liquidity withdrawal from the interbank market largely offset the fall in interbank lending and customer deposits, with a portion reallocated to debt instruments.
Provision costs surged, and pre-tax profit fell by nearly half vs the same period in 2025. In Q1 2026, total provisions for credit risks climbed to 2,024 billion, more than ten times the level a year earlier (Q1 2025 had about 195 billion). Net interest income—the bank's main revenue source—decreased by 12% year-on-year to 6,042 billion. Although net interest income and other similar income rose 11% to 15,152 billion, interest expenses and related costs rose by 34% to 9,110 billion, pressuring net interest margin.
In services, income from service activities reached 1,552 billion, with net income from services after costs near 750 billion, up 3%.
Forex trading also posted positive results with net income of 339 billion, up 10% vs Q1 2025. Net gains from selling investment securities improved from 1.4 billion to 75 billion. Other income also improved significantly, with other gains of 324 billion, while the previous year recorded a loss of more than 103 billion.
Taking all business lines together, operating income in Q1 2026 declined slightly by 3% to 7,538 billion. Nevertheless, cost control improved, with operating expenses falling 13% to 3,408 billion. Consequently, profit before provisions for credit risk rose 7% year-on-year to 4,130 billion. However, the heavy provisioning weighed on overall profitability, leading to a sharp year-on-year drop in pre-tax profit.
