On February 12, 2026, the international credit rating agency Moody’s Ratings (Moody’s) announced the results of its periodic credit assessment for Nam A Commercial Joint Stock Bank (Nam A Bank – HOSE: NAB), revising the outlook from Stable to Positive. This serves as a testament to Nam A Bank’s sustainable development and marks an important transition toward the potential for an overall credit rating upgrade in the near future.
The revision of the rating outlook to Positive reflects Moody’s assessment of an improving trend in Nam A Bank’s credit profile, based on the continued consolidation of asset quality, stable business performance, and capital capacity expected to improve in the coming period. At the same time, Moody’s maintained the bank’s long-term deposit and issuer ratings at B2 and the long-term counterparty risk rating at B1.
According to Moody’s, Nam A Bank’s Positive outlook is supported by a trend of improving asset quality, evidenced by the non-performing loan (NPL) ratio decreasing to 2.2% by the end of 2025 (a relatively low rate compared to the industry), along with stable profit generation and a profit retention policy that contributes to strengthening risk prevention buffers. Additionally, a favorable macroeconomic environment continues to support the bank’s business operations and financial capacity.
The bank’s Tangible Common Equity to total risk-weighted assets ratio (TCE ratio) stood at 7.2% as of September 30, 2025, compared to 8.0% as of December 31, 2024, due to rapid asset expansion. Nam A Bank’s capitalization is expected to gradually improve to approximately 7.5% thanks to strong profit retention capabilities and stable projected loan growth.
Moody’s also assessed that Nam A Bank’s funding structure and liquidity are expected to remain stable over the next 12–18 months, while capital capacity is anticipated to improve gradually through profit accumulation and appropriate control of asset growth. Nam A Bank’s high-liquidity assets stood at approximately 8% of the bank’s total tangible assets as of December 31, 2025, maintaining stable liquidity.
Moody’s provided objective observations regarding the challenges and necessary conditions for the bank to be officially upgraded in the future. Accordingly, Nam A Bank could see a rating upgrade if the net profit to total tangible assets ratio (ROTA) remains above 1% and the Tangible Common Equity to total risk-weighted assets ratio (TCE ratio) improves to above 8% in a sustainable manner.
