Saigonbank posts weaker Q1 2026 results as pretax profit falls 10% year-on-year to more than VND 88 billion, as declines in both core income and non-interest income weighed on earnings, despite a strong cut in loan-loss provisions.
In Q1, the bank's business lines failed to sustain growth. Specifically, net interest income—the bank's main revenue source—fell 4% year-on-year to nearly VND 210 billion.
Non-interest income also weakened across all segments, with service income down 20% to VND 7 billion and
foreign exchange trading income down 28% to VND 3 billion. Notably, the 'other' income segment, which had been a major revenue contributor, fell sharply by 40% to VND 66 billion.
During the period, operating expenses were nearly flat year-on-year at around VND 177 billion. The overall revenue decline led to a 31% drop in net income from operating activities to about VND 113 billion.
Saigonbank cut credit loss provisions by as much as 63% to around VND 25 billion. However, this was not enough to offset the revenue decline, resulting in pretax profit falling 10% to over VND 88 billion. Against a target of VND 310 billion for 2026, the bank had achieved 28% of its plan after Q1.
Business results for Q1 2026 for SGB. Unit: VND billion.
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Source: VietstockFinance
As of end-Q1, total assets remained stable at VND 35,505 billion. Customer loans rose slightly by 1% to VND 22,105 billion, while customer deposits declined 4% to VND 25,348 billion.
Total NPLs as of 31/03/2026 stood at more than VND 779 billion, up 20% from the start of the year. The increase was mainly due to a spike in the substandard loan category. The gross NPL ratio rose from 2.96% at year-start to 3.52%. On Circular 31 standards, the bank's NPL ratio is currently 2.68%.
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Source: VietstockFinance
