MB Bank reaps $408 mln profit in H1

Military Bank (MB Bank) reported a Jan-June after-tax profit of VND9,520 billion ($408 million), up 49% year-on-year.

Its net interest income in the period was $743.6 million, a 39% increase, according to the bank's consolidated financial report. Earnings from foreign exchange business and securities trading reached $40.3 million and $5.7 million, up 68% and up 670% respectively.

In the second quarter, the bank's net interest income and after-tax profit reached $384.3 million and $205.4 million, up 37% and 76% over the same period last year, respectively.

Military-run Viettel Group and State Capital Investment Corporation (SCIC) are the two biggest shareholders of MB Bank, holding a 14.14% stake and 9.42% stake, respectively. The state ownership at the bank is 32.42%.

At the end of the second quarter, MB's total assets were VND658,274 billion ($28.2 billion), up 8% compared to the beginning of the year. Customer deposits and customer loans reached VND396,909 billion ($17 billion) and VND415,456 billion, up 3% and 14% respectively.

The bank’s nonperforming loans ratio (NPL) ratio reached 1.2% at the end of Q2, a sharp increase from 0.9% at the beginning of the year.

In 2022, MB Bank plans to increase its total asset value by 15%, charter capital by 24% and outstanding loans by 16%.

On the Ho Chi Minh City Stock Exchange (HoSE), the MBB share price stood at VND25,650 ($1.09) at the closing session on July 29.