Despite strong profit growth and record credit expansion, cautious sentiment continues to weigh on Vietnamese bank stocks as investors scrutinise earnings quality amid an expected year-end market rebound. VPBank led the sector with a pre-tax profit of US$815.8 million in the first nine months of 2025, up 47.1 per cent year-on-year, while LPBank, SHB, and MBBank also posted solid results, with profits rising 9–36 per cent. However, analysts noted that despite these positive earnings, bank shares underperformed in October, reflecting investor caution. According to analyst Lê Hoài An, concerns over declining net interest margins, rising provisioning expenses, and lingering legal risks related to bond issuances have tempered optimism. Many investors remain focused on the sustainability of profits rather than headline growth figures. Meanwhile, credit growth surged to 13.4 per cent as of late September — the fastest pace in five years — supported by accommodative monetary policies. MB Securities projects banking profits to rise 16–17 per cent in 2025 and about 22 per cent in 2026, driven by robust credit expansion and an improving macroeconomic outlook. Despite short-term corrections, experts believe banking stocks will remain a key driver of the VN-Index’s recovery in the year’s final quarter. — VNS (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam Investment Review