Military Bank profit grows 10% in Q1 on provision reduction
The Military Commercial Bank (MBBank) recorded a post-tax profit of VND5.21 trillion ($221.8 million) in the first quarter of 2023, up 10.14% year-on-year, as risk provisions dropped on the decline of most business segments.

MBBank's post-tax profit grew 10% in Q1/2023. Photo courtesy of VTC newspaper.
The lender posted a net operating income of VND11.93 trillion ($508.4 million), up 2.5% year-on-year. The result was driven by a 22% growth in net interest income to VND10.23 trillion ($435.8 million).
MBBank, listed on the Ho Chi Minh Stock Exchange (HoSE) as MBB, made a provision for credit losses of VND1.85 trillion ($78.84 million) in Q1, down 13%.
Most of MBBank's other business segments saw a decline, especially services and securities investment.
MBB’s non-performing loans (NPL) skyrocketed 68% from the beginning of this year to VND8.45 trillion ($360.2 million) by end-March, resulting in an NPL ratio of 1.75%, higher than the 1.09% recorded at the end of 2022.
By March 31, the bank’s total assets had inched up 4.4% year-on-year to VND760.76 trillion ($32.42 billion); while its total liabilities were up 4.2% at VND675.99 trillion ($28.81 billion) and equity climbed 6.5% to VND84.77 trillion ($3.61 billion).
The lender’s loans to customers reached VND481.39 trillion ($20.52 billion) by end-March, up 4.5% year-on-year, while its corporate bonds were valued at VND42.34 trillion ($1.8 billion), down 3%.
This year, MBB is targeting a consolidated pre-tax profit of VND26.1 trillion ($1.11 billion), up 15% year-on-year, and seeking to maintain its NPL ratio below 2%. It is also looking to improve its total assets by 14% to VND830 trillion ($35.37 billion), with outstanding loans totaling VND583.6 trillion ($24.87 billion), up 15%.
At the bank’s annual general meeting earlier this week, MBBank executives reassured shareholders that the lender is cooperating with businesses to collect outstanding debts.
Acting deputy CEO Pham Nhu Anh said the loans with renewable energy giant Trung Nam are being repaid and no more NPLs are expected in the coming time.
Regarding Novaland, a key realty partner, MBBank remains one of the four biggest creditors of the real estate giant, while the bank's Novaland corporate bond balance has fallen rapidly since the beginning of the year.
MBBank's total loans and investments in corporate bonds with Novaland stood at less than VND10 trillion ($426 million), said the bank's newly-appointed chairman Luu Trung Thai.
MBB shares closed up 0.27% at VND18,450 ($0.79) on Friday.
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