MILITARY COMMERCIAL JOINT (MBB) Q4 2024 earnings summary

Executive summary

• Total assets reached VND 1,128,801 billion as of December 31, 2024, up 19.5% year-over-year.

• Profit after tax for 2024 was VND 22,633.8 billion, a 7.5% increase from 2023.

• Customer deposits grew 25.9% to VND 714,154 billion, supporting strong loan growth.

• Loans to customers rose 27.1% year-over-year to VND 776,658 billion.

• Net interest income increased 6.4% to VND 41,152 billion for the year.

Financial highlights

• Net profit before tax for 2024 was VND 28,829 billion, up 9.6% year-over-year.

• Net fee and commission income reached VND 4,368 billion, up 6.9% year-over-year.

• Net gain from trading of foreign currencies was VND 2,000 billion, up 65.3% year-over-year.

• Provision expenses for credit losses increased to VND 9,577 billion from VND 6,087 billion in 2023.

• Basic EPS for 2024 was VND 4,285, up from VND 3,646 in 2023.

Outlook and guidance

• New regulations (Law on Credit Institutions, Circulars 31, 21, and Decree 86) effective from July 2024 will impact asset classification, provisioning, and credit operations.

• MB will prospectively apply these regulatory changes, which may affect future financial results.