MBB: MBBank reported a 76% increase in profit in the second quarter

6:47:22 PM | 8/1/2022

Military Commercial Joint Stock Bank - MBBank (MBB) has just announced its consolidated financial statements for the second quarter of 2022 with business results increasing sharply compared to the same period last year.

Specifically, net interest income increased by 37% to VND 8,969 billion; net profit from foreign exchange activities increased by 46.7% to 471 billion VND, income from capital contribution increased 3 times, while net profit from service activities decreased slightly by 2% to 1,010 billion VND, net profit from operations other business decreased 11.8% to 567 billion.

After deducting expenses, MBB's pre-tax profit increased by 76% to VND5,986 billion. In the first 6 months, MBB's profit before tax increased by 49%, reaching 11,896 billion VND, equivalent to completing 59% of the plan in 2022. MBBank's return on equity is 12.9% and its profitability ratio. on total assets of 1.3%, the Capital Adequacy Ratio (CAR) reached 10.9%, significantly higher than the minimum level under Basel II of 8%.

As of June 30, 2022, MBB's total assets reached VND 658,274 billion, an increase of 8.4% compared to the beginning of the year. Mainly due to a 14% increase in customer loans to VND 415,456 billion, while money and loans to credit institutions increased by 58% to VND 57,116 billion. Customer deposits reached VND 396,909 billion, up 3% compared to the beginning of the year.

Generally, in the first 6 months of 2022, MB set aside VND 3,500 billion for credit risk provision, down 17% over the same period. As a result, the bank earned a pre-tax profit of more than VND 11,896 billion, up 49%. This is also the record profit of MB in the first 6 months of the year. Thus, compared with the target of 20,300 billion VND in pre-tax profit for the whole year of 2022, MB has achieved 59% after the first half of the year.

Previously, at the Conference to review the first 6 months of the year and implement the tasks for the last 6 months of 2022 taking place in early July 2022, Mr. Luu Trung Thai - General Director of MB said that in the last 6 months of the year, MB Group will strive to achieve an additional profit of 12 trillion VND, the accumulated profit for the whole year will be about 24 trillion VND.

In which, the bank alone sets a target of 20% credit growth, 16% increase in capital mobilization, 27% increase in revenue, and the bank's profit will still be about 10.5 trillion VND. Currently, MB has 16.5 million customers, in 2021 and the first 6 months of 2022 alone, the bank has added 10.5 million customers, which is an impressive number.

In addition to contributing to the State budget every year, MB also clearly shows its social responsibility with hundreds of billion VND in community activities each year. Only with the recent COVID-19 pandemic prevention and control activities, when having donated nearly VND 400 billion...

 

Le Hien