MILITARY COMMERCIAL JOINT (MBB) Q2 2024 earnings summary

Executive summary

• Net profit after tax for the six months ended 30 June 2024 rose 10.99% year-over-year to VND 10,697,434 million, driven by higher fee, trading, and investment income despite increased provisions and taxes.

• Total assets reached VND 937,002,208 million, up from VND 902,044,947 million at year-end 2023, reflecting growth in loans, placements, and investment securities.

• Customer deposits increased to VND 617,191,321 million, supporting expanded lending and investment activities.

• The interim financial statements received an unqualified review from KPMG, confirming compliance with Vietnamese Accounting Standards.

Financial highlights

• Net interest income was VND 16,211,876 million, slightly down from VND 16,287,549 million year-over-year.

• Net fee and commission income surged to VND 1,666,536 million from VND 938,069 million year-over-year.

• Net gain from trading securities and investments rose sharply to VND 1,320,876 million and VND 485,910 million, respectively.

• Provision expenses for credit losses increased to VND 3,290,854 million from VND 1,733,859 million year-over-year.

• Profit before tax was VND 13,168,212 million, up from VND 11,950,327 million year-over-year.

Outlook and guidance

• Management confirmed the Bank’s financial statements present a true and fair view and stated continued compliance with Vietnamese accounting and regulatory standards.

• No significant post-balance sheet events were reported after 30 June 2024.