VCB - Earnings review - [BUY] - Recovery momentum

2Q26 PBT and PAT surged +57.9% YoY and +64.7% YoY to VND17,420bn and VND14,551bn, respectively, driven by robust top-line operating income and a provision reversal. This outperformance exceeded expectations, reaching 127% of KIS’s estimate. 1H26 PBT and PAT reached VND 29,222bn (+33% YoY) and VND24,013bn (+37% YoY), fulfilling 63% of the full-year 2026 guidance.