KBC – Brief – [NONRATED] – Sluggish IP Segment Drag 2Q26 Earnings

In 2Q26, KBC reported net revenue of VND589bn (+2% yoy, -56% qoq) with GP landing at VND200bn (-66% yoy, -69% qoq). IP revenue plunged to VND96bn (16% of total revenue, -87% qoq, 80% yoy), reflecting continued slow land handover progress. Interest expenses jumped 193% yoy to VND289bn, while corporate income tax expenses surged sharply as interest expenses exceeding 30% of EBITDA were non-tax-deductible under Decree 132/2020. NPAT plunged 91% yoy (-85% qoq) to VND34bn.