Company Insight

Net interest income (NII) reached VND31,807bn (+32.2% YoY), while NIM declined slightly from 4.1% at end-4Q25 to 4.0% at end-2Q26. Higher interest rates and lower CASA drove a rapid increase in the bank’s cost of funds during 1H26.

Non-interest income declined 28.8% YoY in 1H26, mainly due to weaker performance in FX, trading, and interest income from risk-asset recovery. Meanwhile, fee income continued to grow strongly (+11.5% YoY), supported by growth in card services

The NPL ratio increased slightly to 1.45% at end-2Q26, from 1.3% at end-4Q25. The NPL coverage ratio stood at 93.6% at end-2Q26, broadly unchanged from end-4Q25.

1H26 PBT reached VND20,188bn (+27.1% YoY), achieving more than 51% of the full-year target.

Outlook

We maintain our key assumptions from our previous report, including 30% credit growth, 3.9% NIM, an NPL ratio of around 1.2%, an NPL coverage ratio above 100%, and a 1.5% credit cost. Accordingly, we forecast 2026 PBT at VND39,995bn (+16.7% YoY). To date, MBB’s earnings performance has been better than our expectations for NII and credit provisioning expenses, but weaker than expected in non-interest income.