Southeast Asia Commercial Joint Stock Bank (SeABank, ticker SSB) needs to earn about VND 2,068 billion in pre-tax profit in the fourth quarter to meet its recently revised 2026 plan.Người Đưa Tin No quarter this year has reached VND 1,400 billion. The remaining gap is packed almost entirely into one quarter.
The third quarter itself was solid. Pre-tax profit came in at nearly VND 1,315 billion, up 37.5% year on year.Tin Nhanh Chứng Khoán The nine-month figure, by contrast, is down 41.5%, because 2025 included a one-off gain that does not recur this year. This post separates the pieces to show where VND 2,068 billion sits against what the bank has already delivered. All figures are consolidated, taken from the Q3 2026 consolidated financial statements and earlier releases.
Starting point: Q4 2025 earned only about VND 129 billion
SeABank reported 2025 pre-tax profit of VND 6,868 billion.VnExpress The first nine months of 2025 alone were VND 6,739 billion, which leaves roughly VND 129 billion for Q4 2025.
The bank explained that quarter itself in a January 2026 letter to regulators and the exchange. Consolidated after-tax profit for Q4 2025 was about VND 104.3 billion, and the drop was mainly due to a deliberate increase in credit-risk provisions to strengthen asset quality.SeABank That says nothing in advance about this year's Q4. It does show that the final quarter is when SeABank has previously chosen to front-load provisioning costs, which is useful context for the VND 2,068 billion target.
The first three quarters of 2026: around VND 1,300 billion each
Q1 2026 pre-tax profit was VND 1,388 billion.VietnamFinance The six-month total was VND 2,625 billion,CafeF implying about VND 1,237 billion in Q2. Q3 added nearly VND 1,315 billion, bringing the nine-month total to VND 3,940 billion, an average of about VND 1,313 billion per quarter.Người Đưa Tin
On the size of the Q3 increase, some outlets report 33.4% against a year-earlier base of VND 986 billion. This post uses 37.5%, the figure in SeABank's release, because it reconciles with the bank's disclosure: Q3 2025 consolidated after-tax profit was VND 779.5 billion,SeABank and pre-tax profit for that quarter works out to about VND 956 billion.
Q3 grew on both sides of the income statement
Q3 pre-tax profit rose by about VND 359 billion year on year, from two sources of similar size.
On the operating side, pre-provision profit was above VND 1,833 billion, up 12.7%, or roughly VND 207 billion more. Net interest income was VND 2,468 billion, up about 6%.Mekong ASEAN The loss on investment securities narrowed from VND 193.5 billion to VND 12.7 billion.Người Quan Sát Operating expenses rose 11% to VND 1,071.84 billion.
On the provisioning side, credit-risk provisions fell from VND 670.4 billion to VND 518.3 billion, about VND 152 billion lighter. That puts roughly 58% of the extra profit on operations and the rest on smaller provisions. According to SeABank's release, Q3 improved thanks to growth in net interest income and foreign-exchange trading.Tạp chí Công Thương
Why nine months are still down 41.5%
Nine-month pre-tax profit fell from VND 6,739 billion to VND 3,940 billion, a shortfall of about VND 2,799 billion. Most of that gap sits in a single line: income from capital contributions and share purchases dropped from over VND 2,615 billion to about VND 7.5 billion.
According to Người Quan Sát, the bank booked an extraordinary VND 2,607 billion in 2025 from the sale of a subsidiary. The subsidiary SeABank sold in 2025 was PTF Finance Company, transferred to AEON Financial Service.VnBusiness That gain happened once, so there is no matching line this year. Strip the VND 2,607 billion out of last year's pre-tax profit and nine-month 2026 profit is down only about 4.6%.
The second line moving down is investment securities trading, which swung from a gain of nearly VND 166 billion to a loss of about VND 597 billion. Since Q3 alone lost only VND 12.7 billion, almost all of that loss came in the first half. Nine-month net interest income was VND 7,132 billion, down a slight 1.7% on higher funding costs.
Other lines moved the other way. Nine-month net foreign-exchange income reached VND 734.8 billion, up more than 145%. Gains from trading securities rose from VND 145 billion to nearly VND 213 billion. Operating expenses edged down from VND 3,044 billion to just over VND 3,011 billion. Nine-month net interest income equals 103% of the bank's nine-month plan.
October 22: the annual plan drops to VND 6,008 billion
On October 22, 2026, SeABank's board of directors passed a resolution cutting the 2026 pre-tax profit target by 15%, from VND 7,068 billion to VND 6,008 billion. SeABank said the revision is tied to the push to lower interest rates in support of businesses and households.
With VND 3,940 billion after nine months, the bank has covered about 65.6% of the new plan. The remainder, about VND 2,068 billion, has to come from Q4.
Q4 set against the three quarters before it
VND 2,068 billion is about 1.57 times Q3 and roughly VND 680 billion above the best quarter so far (Q1). A second comparison shows the scale of the climb. Q3 pre-provision profit was VND 1,833 billion. If Q4 provisions match Q3 at about VND 518 billion, pre-provision profit would need to reach roughly VND 2,586 billion, about 41% above Q3.
The forces that could lift Q4 are already visible in the first three quarters: interest income growing with the loan book, foreign-exchange gains, and a narrower investment-securities loss. At September 30, 2026, customer loans stood at VND 258,455 billion, up 9% from the start of the year.
The pull in the other direction is provisioning cost. The NPL ratio rose from 2.06% to 2.28%, with on-balance-sheet bad debt of VND 5,884 billion, up 20.7% since the start of the year. The bank raised its customer-loan provision balance 27.8% to VND 4,176 billion, lifting NPL coverage from 67% to about 71%. The NPL ratio is still below the 3% ceiling in SeABank's plan.Tạp chí Công Thương Q4 2025 showed the bank can choose to provision heavily at year-end, and that choice feeds straight into quarterly profit.
Conclusion: two lines decide it, due by the end of January 2027
The VND 6,008 billion plan requires a Q4 stronger than any quarter this year, while nine-month profit has been pulled down mainly by a gain that does not repeat. The Q4 2026 consolidated financial statements are due by the end of January 2027, and two lines in them will answer the plan question: Q4 pre-provision profit and Q4 provisioning expense.
If pre-provision profit rises clearly above Q3's VND 1,833 billion while provisions stay near the Q3 level, SeABank has a basis to cover the VND 2,068 billion. If pre-provision profit only moves sideways, the plan is reachable only if Q4 provisions fall very low. And if the bank repeats its Q4 2025 approach and provisions heavily, full-year results will land below the revised plan, even though nine-month profit excluding the subsidiary sale is down only about 4.6%.