While the VN30 has just gone through a series of sessions bleeding red due to forced liquidation pressure—with the index losing over 60 points in a single day—ACB quietly announced a figure that made many take a second look: 10.7 trillion VND in pre-tax profit after 6 months, reaching 107% of the half-year plan. Not sensational, no shocking records, but exactly the “slow and steady” style that bank investors tend to prefer.
- Pre-tax profit for the first 6 months of 2026: 10.7 trillion VND, reaching 107% of the plan
- Q2 NIM improved to 3.02%, up nearly 0.2 percentage points compared to Q1
- Retail and SME segments saw the highest growth in the last 4 quarters
- Cash dividend ~3.6 trillion VND + 13% stock dividend, charter capital exceeds 58 trillion VND
- Bad debt remains controlled at 1%, CAR after dividend distribution reached 11.8%
Where did ACB make its money in the first 6 months of 2026?
Most of ACB’s profit comes from core business activities, not “one-off” extraordinary income. By the end of Q2 2026, the bank’s credit balance reached nearly 746 trillion VND, an 8.6% increase from the beginning of the year—higher than the industry’s general growth rate. Deposits kept pace, reaching nearly 776 trillion VND, up 8%.
Net interest income reached nearly 14.8 trillion VND, up 13.3% year-on-year. More notably, the net interest margin (NIM) for Q2 alone improved to 3.02%, up nearly 0.2 percentage points from Q1. NIM is essentially like the gross profit of a grocery store: the bank raises capital at a low price (deposit interest rates) and then lends it out at a higher price (loan interest rates); that difference is the NIM. An increasing NIM means ACB is “selling its products” with a better profit margin, rather than just selling more volume.
Non-interest income also contributed: service income increased by 24.8%, while operating costs were tightly controlled, causing the cost-to-income ratio (CIR) in Q2 to drop below 30%—a very good figure among retail banks.
Why are retail and SME considered the brightest spots?
After several gloomy quarters, ACB’s retail and small and medium enterprise (SME) lending segments accelerated for the first time: retail grew by 3.8% and SME by 5% compared to the end of Q1—the highest quarterly growth in the past 4 quarters.
This didn’t happen by chance. The ripple effect from public investment projects and infrastructure development is gradually spreading to the real economy, driving up the capital needs of households and small businesses. Mr. Tu Tien Phat, CEO of ACB, noted that the economic context is showing positive recovery signals and the private sector continues to be an important growth driver. Accordingly, the bank chose a “quality over speed” strategy—accompanying customers with comprehensive financial solutions rather than just providing credit.
A “huge” dividend and the charter capital story
In Q2, ACB did something that few banks do simultaneously: paid a cash dividend (~3.6 trillion VND) and issued shares for a 13% stock dividend, thereby bringing its charter capital to over 58 trillion VND.
Such a rapid increase in capital often makes investors question the capital safety buffer. ACB’s answer: the consolidated capital adequacy ratio (CAR) according to Circular 14 after the dividend distribution still reached 11.8%—significantly higher than the State Bank’s minimum requirement. CAR is basically like an individual’s emergency fund: the thicker it is, the more room the bank has to withstand strong market fluctuations.
Another noteworthy detail: ACB’s certificates of deposit increased 15-fold compared to the beginning of the year, accounting for nearly 93% of the deposit growth in the 6-month period. This product is attractive due to its flexibility in cash flow management and the ability to trade directly on the digital banking app, instead of having to hold fixed-term deposits.
Asset quality: Bad debt and the provision buffer
Fast growth can easily lead to the risk of loosened control, but ACB still maintains fairly tight discipline. The bad debt ratio at the end of Q2 was at 1%, while the loan loss coverage ratio (LLCR—the amount of provisions set aside compared to bad debt, where higher is safer) reached 105%. The CASA ratio (current account savings account, which helps the bank raise low-cost capital) remained around 22%.
Regarding liquidity, ACB’s ratio of short-term capital used for medium and long-term loans was about 29.1%, much lower than the 40% ceiling under the State Bank’s new regulations. The loan-to-deposit ratio (LDR) was at 81.4%, also lower than the 85% ceiling—meaning the bank still has room to provide more credit without having to rush to raise deposits.
How should VN30 investors view this?
A bank reporting good profits doesn’t mean the stock will rise immediately—especially in the context of a general market that has just experienced a period of strong volatility due to widespread margin call pressure (see details in the article VN-Index Plummets July 22, 2026). ACB’s business results should be viewed from two perspectives.
On the positive side, ACB’s fundamentals—improving NIM, controlled bad debt, and recovering retail/SME segments—are indicators that profit quality is improving, not just increasing in scale. After recent corrections, the valuation levels of the banking group in particular and the VN-Index in general are also considered more attractive by some organizations (refer to the valuation perspective in the article VN-Index P/E: Dragon Capital says it’s cheap).
On the risk side, overall market liquidity remains weak, margin pressure has not fully cooled down, and unpredictable international geopolitical fluctuations could continue to affect cash flow sentiment—factors beyond the control of any individual bank, including ACB. A more detailed risk picture for each ticker in the VN30 basket is summarized by Happite in the article VN30 Risk Map July 2026.
Compared to other VN30 banks that have announced Q2 results (see more VN30 Banks Q2/2026: VPB, STB and Techcombank Record Profit Q2/2026), the industry’s overall picture is diverging: some banks have seen explosive growth, while others are flat or slightly declining. ACB is in the group of stable, steady growth—not the hottest growth star, but also not a name that makes investors jump due to risk.
Frequently Asked Questions
How much profit did ACB make in the first 6 months of 2026?
Consolidated pre-tax profit reached over 10.7 trillion VND, equivalent to 107% of the plan for the first 6 months.
How did ACB’s NIM improve in Q2?
NIM for Q2 2026 alone reached 3.02%, up nearly 0.2 percentage points from Q1, partly thanks to the recovery in retail and SME segments.
How much dividend is ACB paying in 2026?
The bank has paid nearly 3.6 trillion VND in cash dividends and issued a 13% stock dividend, bringing its charter capital to over 58 trillion VND.
What is ACB’s current bad debt level?
The bad debt ratio is controlled at 1%, and the loan loss coverage ratio (LLCR) reached 105%—among the safer groups in the industry.
Why are retail and SME considered ACB’s new drivers?
Because these segments saw the highest quarterly growth in the last 4 quarters (retail +3.8%, SME +5%), thanks to the ripple effect from public investment and growth support policies.
This article is for informational and educational purposes only, not an investment recommendation. You should do your own research or consult a licensed professional before making decisions.
