Military Commercial (MBB) Q4 2021 earnings summary

Executive summary

• FY21 operating income reached VND 36.934T, up 35% YoY; PBT rose 55% to VND 16.527T and net profit increased 53.6% to VND 13.221T.

• Growth combined strong net interest and fee income, a 33.5% CIR, and controlled asset quality; consolidated NPL was 0.9%.

Financial highlights

• NII was VND 26.199T, up 29.2% YoY; NFI was VND 4.367T, up 22.1%; other income increased 81.5% to VND 6.367T.

• Pre-provision profit increased 46.1% to VND 24.557T; provision expense rose 31.2% to VND 8.030T.

• Total assets reached VND 607.140T, up 22.7%; customer loans were VND 354.797T, up 20.7%.

• Operating expenses rose 17.3% to VND 12.377T, slower than operating income growth of 35.0%.

Outlook and guidance

• Pandemic-response scenarios, cost management, and investment capacity were being prepared to support growth in coming quarters amid potentially prolonged disruption.

• Lending strategy emphasized retail growth, cross-selling across affiliates, and digital products.

• Customer impact reviews, loan restructuring plans, and tailored customer policies were being implemented as needed.