Military Commercial (MBB) Q3 2021 earnings summary

Executive summary

• 9M21 operating income reached VND 26,817bn, up 36.7% YoY; PBT was VND 11,884bn, up 46.1%, and net profit was VND 9,519bn, up 44.3%.

• Growth reflected strong NII and fee income, alongside higher operating costs and provisions; ROE was 21.5%.

Financial highlights

• 9M21 NII was VND 19,030bn, up 31.6% YoY; net fee income was VND 3,022bn, up 21.6%; other income was VND 4,766bn, up 77.9%.

• Pre-provision profit rose 45.2% to VND 17,903bn; operating expenses increased 21.8% to VND 8,914bn and provisions rose 43.5% to VND 6,019bn.

• Consolidated assets were VND 555,595bn at 9M21, up 30.1% YoY; customer loans were VND 329,008bn, up 24.7%.

Outlook and guidance

• Prepared scenarios for a complicated, potentially prolonged pandemic, with continued cost management and investment capacity to support growth in following quarters.

• Lending strategy emphasized retail, cross-selling across the group, and digital products; customer reviews and restructuring plans were used to address pandemic impacts.