MILITARY COMMERCIAL JOINT (MBB) Q3 2024 earnings summary

Executive summary

• Total assets reached VND 1,028,819 billion as of 30 Sep 2024, up from VND 944,954 billion at year-end 2023, reflecting robust growth in loans and investment securities.

• Net profit after tax for the first nine months of 2024 was VND 16,349.6 billion, up from VND 15,690.4 billion year-over-year.

• Customer deposits increased to VND 627,567 billion, a 10.6% rise from year-end 2023.

• Charter capital rose to VND 52,870.8 billion following a share issuance.

Financial highlights

• Net interest income for 9M2024 was VND 30,010 billion, up 1.7% year-over-year.

• Net fee and commission income reached VND 3,187 billion, a 21% increase year-over-year.

• Pre-tax profit for 9M2024 was VND 20,736 billion, up 3.6% year-over-year.

• Earnings per share for 9M2024 was VND 3,112, compared to VND 2,696 for 9M2023.

• Total equity increased to VND 110,023 billion from VND 96,711 billion at year-end 2023.

Outlook and guidance

• The bank is adapting to new regulations effective July 2024, including asset classification and provisioning, which may impact future risk and capital management.

• Management emphasizes prudent risk management and liquidity to support continued growth.