MBB, ACB, NAB, VPB Report Strong Q1 2026 Profit Growth

Overview

Seven Vietnamese banks have disclosed Q1 2026 business results as of April 21, with Military Commercial Joint Stock Bank (MBB), Asia Commercial Joint Stock Bank (ACB), Nam A Commercial Joint Stock Bank (NAB), and Vietnam Prosperity Joint Stock Commercial Bank (VPB) all reporting year-on-year profit growth. The updates, shared at annual general meetings, indicate sustained earnings momentum in the banking sector.

Key Facts

• MBB (HOSE) reported Q1 2026 consolidated pre-tax profit of VND 9,500 billion, up 13.3% year-on-year, with the bank-only segment profit up 15.3% to VND 8,866 billion.
• ACB (HOSE) achieved Q1 pre-tax profit of VND 5,400 billion, a 17% increase year-on-year, and stated it has completed 24% of its full-year profit plan.
• NAB (HOSE) recorded Q1 pre-tax profit exceeding VND 1,620 billion, up 32.5% year-on-year, with ROE rising to 21.5% from 19.3% and profit from securities trading up 4.6x.
• VPB (HOSE) posted Q1 consolidated pre-tax profit of over VND 7,900 billion, a 58% year-on-year increase, driven by a 26.3% rise in total operating income to over VND 19,900 billion.
• MBB’s customer base grew by 1.2 million in Q1 to 36.2 million, while its credit increased 3.3% to VND 1,146 trillion.
• VPB’s consolidated credit reached VND 1.06 quadrillion, up 10.2% from end-2025, with a loan-to-deposit ratio of 82.7%.
• NAB’s total assets stood at nearly VND 410,000 billion as of March 31, 2026, a 56% year-on-year increase.

What Happened

According to disclosures at annual general meetings held in mid-April, four listed Vietnamese banks reported robust Q1 2026 financial performance. MBB leadership revealed at its AGM on April 18 that consolidated pre-tax profit rose 13.3% year-on-year to VND 9,500 billion, supported by a 21.5% increase in revenue from the bank and its subsidiaries to VND 22,822 billion. The bank added 1.2 million customers in the quarter, bringing its total to 36.2 million. ACB management stated at its AGM that Q1 pre-tax profit reached VND 5,400 billion, up 17% year-on-year, noting that the result represents 24% of its annual profit target. NAB reported a 32.5% year-on-year jump in pre-tax profit to over VND 1,620 billion, attributing growth to diversified revenue streams and operational efficiency. VPB announced a 58% year-on-year surge in consolidated pre-tax profit to over VND 7,900 billion, fueled by strong credit expansion and higher total operating income.

Market Context

The Q1 2026 results come amid mixed recent trading for these HOSE-listed banking stocks. As of April 15, MBB closed at VND 27, down 0.37% on volume of 11.1 million shares, while ACB closed at VND 24, down 0.62% on 6.5 million shares. VPB closed flat at VND 27 on volume of 9.5 million shares. The profit growth reported across these banks may provide a fundamental counterpoint to recent price softness, as investors assess earnings resilience in a sector sensitive to credit cycles and regulatory shifts.

Strategic Significance

The results underscore a divergence in growth drivers among mid-sized Vietnamese banks. MBB’s expansion is increasingly tied to scale, with customer acquisition supporting broad-based revenue. NAB’s performance highlights a strategic pivot toward fee-based and securities income, reducing reliance on traditional lending. VPB’s outsized profit gain reflects successful balance sheet growth and operational leverage. For long-term investors, these updates signal which banks are executing on distinct models—customer scale, revenue diversification, or aggressive asset expansion—within a competitive landscape.

What to Watch

• Full Q1 2026 financial statements and management discussion from each bank, expected by late April or early May.
• State Bank of Vietnam (SBV) credit growth data for Q1 2026 to contextualize sector-wide lending trends.
• Updates on non-performing loan ratios and provisioning levels in upcoming disclosures.
• Progress toward full-year profit targets, particularly for ACB which has disclosed a 24% Q1 completion rate.
• Any guidance revisions or strategic announcements following the AGM season.