MBS sees VND 10,843 billion profit: VietinBank stock trades at 1.27x P/ B

Published on 10/09/2026 at 12:30 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

MBS sees VND 10,843 billion in 2026's third quarter. For VietinBank stock this means VND 20,744 billion in the first half of 2026, 60.90 percent of plan.

Key points in brief

MBS forecasts VND 10,843 billion pretax profit for VietinBank in the third quarter of 2026, up 27.40 percent year over year.
First-half net profit reached VND 20,744 billion, equal to 60.90 percent of the full-year plan.
The HOSE quote stood at VND 29.30 on October 9, 2026 at 2:35 p.m., up 0.34 percent.

VietinBank, VN000000CTG7, Illustration mit AI erstellt.

MBS forecast VietinBank's pretax profit at VND 10,843 billion for the third quarter of 2026, up 27.40 percent year over year, in a report carried by VCCI on October 2, 2026. The forecast gives VietinBank stock a concrete earnings benchmark as the market approaches the third-quarter reporting period.

What does the forecast mean?

The forecast profit is lower than the previous quarter but remains 27.40 percent above the third quarter of 2025. MBS also projected third-quarter credit growth at 10.00 percent and net interest margin at 2.70 percent, with the margin 14 basis points above the year-earlier level.

VCCI reported that Vietcap projected 2026 pre-provision profit at VND 73,711 billion, up 21.30 percent from 2025, while projected profit after tax and minority interests was VND 41,595 billion, up 20.20 percent. The projections exclude potential profit from a transfer of the VietinBank Tower project.

Six-month profit sets the base

For the first half of 2026, VietinBank's consolidated net profit reached VND 20,744 billion, equal to 60.90 percent of its full-year plan. Baomoi reported that second-quarter net interest income rose 30.90 percent year over year to VND 20,730 billion, while pretax profit increased 21.80 percent to VND 14,729 billion.

The same second-quarter report showed total assets of VND 2,962 trillion at the end of June 2026, up 13.50 percent year over year. Net service income reached VND 2,269 billion, up 58.00 percent from the second quarter of 2025, providing a second earnings channel beyond lending.

Valuation remains below its average

VietinBank stock was described at 1.27 times price to book, below the bank's five-year average of 1.37 times. The comparison, reported by VCCI, places the current valuation 7.30 percent below that historical average.

The counter-factor is asset quality. Analysts cited in the same report flagged higher non-performing loans and slower credit growth as risks, even as VietinBank's non-performing loan coverage ratio stood at 134.00 percent at the end of the second quarter.

HOSE quote on October 9

VietinBank stock stood at VND 29.30 on HOSE on October 9, 2026 at 2:35 p.m. CEST, up 0.34 percent from VND 29.20. The bank's listing is CTG on HOSE, and its quotation currency is VND.

Global Banking & Finance Review identifies VietinBank as Vietnam Joint Stock Commercial Bank for Industry and Trade, ticker CTG.VN on HOSE, with ISIN VN000000CTG7 and a financials classification in its reference data.