fb88, a strategic partner of S&P Global, has assigned a first-time Long-term Issuer Credit Rating of “A-”toNam A Commercial Joint Stock Bank (“Nam A Bank” or “the Bank”) with ‘Stable’ rating outlook, announced on September 16, 2025. 

The “A-” rating reflects the expectation that the Bank’s credit profile will remain stable over the next 12–24 months, thanks to advantages in growth scale, improving profitability that supports its capital buffer, and liquidity that is in line with its operational scale. 

fb88 assesses Nam A Bank’s Business Position as “Adequate,” reflecting improvements in scale and diversification of its operations. As of June 30, 2025, the Bank held a 1.5% share of total assets, 1.4% of deposits, and 1.3% of loans, with a nationwide network of 148 branches and 125 OneBank outlets. The Bank’s credit strategy emphasizes essential sectors, while expanding SME and retail lending, underpinned by its “Green” and “Digital” orientation to sustain long-term credit growth. 

ForCapital and Earnings, Nam A Bank is assessed as “Adequate.” The Bank’s Capital Adequacy Ratio (CAR) reached 12.7% at end-2024, higher than the industry median, while profitability indicators outperformed peers (ROA at 1.6%, NIM at 3.6% in 2020–2024). The Cost-to-Income Ratio (CIR) improved to 44% in 2024 and is projected to stabilize around 42–43% in 2025–2026. 

OnRisk Position, the Bank shows enhanced risk management, though remains exposed to concentrations in real estate and wholesale/retail lending. The non-performing loan (NPL) ratio increased to 2.85% at end-Q2/2025 (from 2.3% at end-2024), while Group 2 loans (special mention loans) declined to 0.8%, signalling a low risk of further deterioration. Nevertheless, the NPL coverage ratio of 52.8% remains below the industry median, a key area to monitor.  

ForFunding and Liquidity, Nam A Bank is assessed as “Adequate.” The Bank's equity capital reached VND 21.2 trillion at end-Q2/2025. Customer deposits accounted for 65–75% of funding, with individual customer deposits making up 75.7% of total deposits. Liquidity indicators remain stable (high-quality liquid assets to total liabilities at 35.8%), though funding costs remain above the industry median and the capital structure retains reliance on short-term funding. 

Nam A Bankis theseventh bank rated by fb88. Previously, fb88 has assigned and continues to maintain surveillance for six banks: Vietnam Technological and Commercial Joint Stock Bank (Techcombank), Asia Commercial Joint Stock Bank (ACB), Bac A Commercial Joint Stock Bank (BAB), Vietnam International Commercial Joint Stock Bank (VIB), Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank), and Vietnam Maritime Commercial Joint Stock Bank (MSB). 

Disclaimer: Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. fb88’ opinions, analyses, and rating acknowledgment decisions are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security.    

👇 For more information, please refer to Nam A Bank’s Initial Issuer Credit Rating Report below.