VPBank posts record first-half profit as credit growth nears 25%

Vietnam's private creditor VPBank (HoSE: VPB) posted a record consolidated pre-tax profit of nearly VND11 trillion ($418.33 million) in the second quarter after credit growth accelerated to nearly 25% in the first half of the year.

According to the bank's Q2 consolidated financial statements, credit outstanding at the parent bank reached nearly VND1,060 trillion ($40.31 billion) at the end of June, up 24.6% from the end of 2025. Growth was supported by lending to large corporates, small and medium-sized enterprises (SMEs), retail customers and household businesses.

The expansion in lending, combined with stronger core banking operations, boosted the bank's earnings during the quarter.

Total operating income rose 43.8% year-on-year to over VND23.48 trillion ($893 million). After setting aside VND7.91 trillion in provisions for credit losses, VPBank reported consolidated pre-tax profit of nearly VND10.96 trillion ($416.77 million), up 76% from a year earlier and the highest quarterly profit in the bank's history. Net profit increased 77.8% to nearly VND8.78 trillion ($333.75 million).

For the first six months of 2026, consolidated pre-tax profit reached VND18.88 trillion ($718 million), while net profit rose to nearly VND15.11 trillion ($574.44 million), up 68.1% and 70.3%, respectively, from the same period last year.

VPBank's consolidated assets exceeded VND1,500 trillion ($57.05 billion) for the first time at the end of the second quarter, an increase of 19.2% from the end of 2025. Customer deposits and valuable papers totaled nearly VND902 trillion ($34.3 billion), up 22.7%.

Outstanding privately placed certificates of deposit climbed to VND111 trillion ($4.22 billion), more than doubling from the beginning of the year. The bank also secured a $1.44 billion sustainability-linked syndicated loan from 15 international financial institutions.

Asset quality remained stable, with the parent bank's non-performing loan (NPL) ratio, calculated under Circular 31, holding at around 2%, below its 2.5% target, while the consolidated NPL ratio stayed below 3%. The consolidated capital adequacy ratio (CAR) under Basel II standards stood at about 13%, remaining among the highest in Vietnam's banking sector.

VPBank's subsidiaries also contributed to earnings growth. Securities brokerage VPBankS reported H1 pre-tax profit of over VND2.67 trillion ($101.65 million), three times higher than a year earlier, and ranked among the eight largest brokerages by market share on the Ho Chi Minh City Stock Exchange (HoSE).

Digital insurer OPES posted pre-tax profit of VND613 billion ($23.31 million), nearly tripling year-on-year, while GPBank reported profit of more than VND730 billion during the first six months following its restructuring.

Under a plan approved by shareholders, VPBank intends to raise its charter capital to more than VND106.2 trillion ($4.04 billion) through a share issuance funded by retained earnings and a private placement to foreign investors, strengthening its capital base and supporting future growth.

On the HoSE, VPB shares closed Friday at VND25,850 (nearly $1).