MB Bank appoints new general director

State-controlled Military Bank (MB Bank) has appointed Pham Nhu Anh its general director from Thursday.

Previously, on April 12, MB Bank's board of directors assigned Anh to be its general director, replacing Luu Trung Thai who was then appointed the bank's new chairman.

Pham Nhu Anh, born in 1980, has a master's degree in business administration from Belgium and a bachelor's degree in economics majoring in business administration from Vietnam's University of Danang.

Anh has nearly 20 years of experience working in the financial and banking industry. At MB Bank, he has held many managerial and professional positions like branch director, division director, and management board member.

In mid April, MB Bank had appointed Luu Trung Thai as its chairman for the remainder of the 2019-2024 term, replacing Le Huu Duc.

Senior Lieutenant General Le Huu Duc resigned on April 12, 2023 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.

By December 31, 2022, the bank's total assets had 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 VND18,600 ($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%).