According to statistics from FiinTrade, as of May 4 this year, 803 banks and listed companies—representing approximately 97% of the total market capitalization—have released their Q1 2026 financial statements or preliminary business estimates, with average net profit growth remaining steady, reaching +38.2% year-on-year (YoY).
Growth continued to be driven by the non-financial sector, which surged by 69.8%, significantly outperforming the Financial sector (+14.4%). Notably, the banking sector recorded a growth of only +13.7%—the lowest in several quarters—as it faced pressure from narrowing Net Interest Margins (NIM) and sluggish credit growth.
In terms of market capitalization, mid-cap stocks (VNMID) remained the primary engine of growth with an 82.6% YoY increase, far exceeding large-caps (VN30) at +27.4%, while the small-cap group (VNSML) remained nearly flat (+4.5%).
At the industry level, the profit landscape showed sharp divergence. Growth was concentrated in cyclical sectors such as oil & gas, basic resources, retail, food & beverage, chemicals, and real estate. In contrast, information technology saw a decline, while sectors such as banking, securities, and construction & materials recorded slowing growth momentum.
Notably, the profit structure continues to shift. The banking sector's contribution to total market earnings dropped from 46.3% to 38.1%, while real estate and commodity-related industries increased their share. This reflects the waning leadership role of banks as the market's profit structure leans more toward cyclical industries.
Despite the overall Q1 2026 earnings remaining at a high level, stock price movements have shown a distinct divergence across different sectors.
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