MB Bank appoints new chairman

State-controlled Military Bank (MB Bank) has appointed Luu Trung Thai as its chairman for the remainder of the 2019-2024 term, replacing Le Huu Duc.

Thai, 48, has a master's degree in business administration from the University of Hawaii, U.S. He has over 26 years of experience, and has held important positions at MB Bank.

Thai joined MB Bank's board of directors in 2013 as its vice chairman. In January 2017, he assumed the position of vice chairman cum general director.

The bank has also assigned Pham Nhu Anh as deputy general director in charge of the executive board.

On April 12, 2023, Senior Lieutenant General Le Huu Duc resigned as chairman citing personal reasons.

MB Bank reported a pre-tax profit of VND22.73 trillion ($969 million) in 2022, up 37.5% over the previous year and reaching 111.8% of its target.

Its net interest income was VND36.02 trillion ($1.54 billion), up 38% year-on-year, according to the bank's Q4 consolidated financial report.

As of December 31, 2022, the bank's total assets stood at VND728.62 trillion ($31.07 billion), up 20% compared to the end of 2021, mainly due to credit growth of 26.7% to VND460.75 trillion ($19.64 billion).

MB's bad debt ratio at the end of 2022 was 1%. However, group 5 bad debts (debts likely unable to be reclaimed) increased sharply by 180%, accounting for about 50% of the bank's total bad debt.

On the Ho Chi Minh City Stock Exchange, the MBB share price stood at VND18,550 ($0.79) at Thursday's close.

Military-run Viettel Group and the State Capital Investment Corporation are the two biggest shareholders in MB Bank, holding 14.01% and 9.34%, respectively.

Other major shareholders include the Vietnam Helicopter Corporation (7.39%), Saigon Newport One Member Corporation (7.14%), and Vietcombank (4.42%).