BUSINESS UPDATE
In 2025, VietinBank expanded its balance sheet with total assets reaching VND 2,768 tn (+16% YoY), outstanding loans VND 1,992 tn (+15.7%), and customer deposits VND 1,794 tn (+11.7%). CASA rose to VND 458.1 tn (+14.8% YoY), lifting the CASA ratio to 25.5% (+0.7ppt YoY); however, NIM still weakened in line with the broader banking-sector trend.
TOI came in at VND 87.3 tn (+6.6% YoY), driven by NII (+6.7% YoY) and higher recoveries from bad-debt resolution (+17.9% YoY). PBT surged to VND 43.4 tn (+36.8% YoY), mainly on lower provisioning expenses of VND 17.3 tn (-37.3% YoY). Asset quality continued to improve, with NPL declining to 1.1% and LLR at 158.8%.
As of end-Jan 2026, total assets increased 3.6% YTD, deposits grew by >1% YTD, credit expanded by nearly 3% YTD, CASA continued to rise, and recoveries from written-off bad debts exceeded VND 1.2 tn, while NPL and Stage-2 ratios were broadly unchanged versus end-2025.

OUTLOOK
For 2026, CTG has been assigned an initial credit quota of around 11.1%, with potential flexibility depending on financial strength/compliance and the sector backdrop. With a 30–35% CIR target (reflecting a higher structural wage base), earnings growth will depend on NIM recovery and higher average CASA, expansion of fee/transaction income, and continued credit-cost discipline. Key risks are front-loaded credit growth early in the year—potentially requiring slower growth in later quarters to stay within the quota—while higher funding and operating costs increase earnings sensitivity to Stage-2 loans and the pace of new NPL formation.
Progress in bad-debt resolution, the potential divestment of VietinBank Tower, and participation in new areas such as digital assets and gold could provide additional upside to near-to medium-term performance.