VPBank reports VND 29,911 billion profit: VPBank stock faces dilution

Published on 10/25/2026 at 01:47 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Nine-month profit reached 72.4 percent of the annual plan on October 21, 2026. VPBank stock now has a larger capital base.

Earnings and capital structure

VPBank reported VND 29,911 billion in nine-month pre-tax profit on October 21, 2026.
On October 21, 2026, SBB Securities revised its target from VND 35,100 to VND 30,450.
Funding costs reached 5.7 percent in the third quarter of 2026, up from 5.2 percent in the second quarter.

VPBank, VN000000VPB6, Illustration mit AI erstellt.

VPBank (ISIN VN000000VPB6) reported VND 29,911 billion in consolidated pre-tax profit for the first nine months of 2026, up 46.7 percent from the same period a year earlier, according to Znews on October 19, 2026. The result represented 72.4 percent of the bank's full-year 2026 plan and made the third quarter its second consecutive quarter of record pre-tax profit.

What drove the 46.7 percent gain?

VPBank's nine-month net interest income rose 26.7 percent to VND 53,092 billion, while net service income increased 76 percent to VND 3,089 billion in the same reporting period, Znews reported. Third-quarter pre-tax profit reached VND 11,031 billion, up 20.3 percent year over year, giving the earnings story a clear operating base rather than a single exceptional quarter.

MarketScreener identifies the issuer as Vietnam Prosperity Joint Stock Commercial Bank, ticker VPB, listed on the Ho Chi Minh Stock Exchange, and assigns ISIN VN000000VPB6 in its October 19, 2026 results report.

Funding costs test earnings quality

The strongest counterweight is funding pressure. SBB Securities wrote on October 21, 2026, that VPBank's cost of funds rose to 5.7 percent in the third quarter of 2026 from 5.2 percent in the second quarter, while net interest margin stood at 5.3 percent. Customer loans reached VND 1,212 trillion, up 28.4 percent year to date.

SBB Securities also revised its 12-month target to VND 30,450 per share from VND 35,100 and reiterated its Buy rating on October 21, 2026. The report linked the cut to dilution from VPBank's 26.04 percent stock dividend, while identifying funding costs and asset quality as risks.

Capital rises after the share issue

VPBank completed the first stage of its capital plan through a 26.04 percent stock dividend, lifting charter capital to VND 100,000 billion, Znews reported on October 19, 2026. The bank plans a further private placement of more than 624 million shares to a foreign investor, which would lift charter capital to VND 106,244 billion.

VPBank's next expansion step

Vietnam Banks Association reported on October 21, 2026, that VPBank's ecosystem served more than 40 million customers and that VPLife was expected to begin operations in the first quarter of 2027. For investors, the next phase combines faster balance-sheet growth with the need to protect margins and asset quality.