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Vietcombank (HOSE: VCB) reported first-quarter 2026 pre-tax profit of about 11.803 trillion VND, up 9% year-on-year, even as it sharply increased provisions for credit losses.
In Q1 2026, net interest income reached 17.651 trillion VND, up 29% year-on-year. Net fee income rose 943 billion VND, up 17%, while income from other operating activities increased 857 billion VND, up 29%.
On the other hand, net gains from foreign exchange activities declined 17% to 1.677 trillion VND, and gains from trading investments turned to a loss. Operating expenses increased to 6.884 trillion VND, up 22% year-on-year.
As a result, pre-provision operating profit rose 23% to 14.296 trillion VND. However, credit risk provisions surged sevenfold to 2.493 trillion VND, which drove the final pre-tax profit to nearly 11.803 trillion VND, up 9% year-on-year.
As of the end of Q1 2026, Vietcombank’s total assets increased 4% from the start of the year to 2.55 quadrillion VND. Customer loans grew 5% to 1.75 quadrillion VND, while deposits edged up 1% to 1.68 quadrillion VND.
Asset quality deteriorated: gross non-performing loans (NPL) rose 12% year-to-date to 10.868 trillion VND. Doubtful debt increased sevenfold to 1.586 trillion VND, and impaired loans accounted for 76% of total NPL.
Despite the rise in NPL and doubtful debt, the NPL ratio to total loans increased only slightly, from 0.58% to 0.62%.
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