External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Consolidated PBT for 1Q/2026 reached VND 9,628 bn (+15% YoY), completing 24% of the full-year plan, supported by NII growth of 28% YoY and consolidated credit growth of 38.2% YoY (~3.2% YTD).</li><li>However, aggregate losses of approximately VND 280 bn from FX trading and securities trading activities (vs. a VND 1,200 bn gain in 1Q/2025) weighed on earnings momentum.</li><li>Consolidated NIM contracted 35 bps QoQ to 3.80%, as asset yields edged up only 10 bps QoQ — pressured by interest income reversals on deteriorating asset quality (net NPL formation surged, and Stage 2 loans spiked by over VND 7,000 bn) — while funding costs rose ~40 bps QoQ amid heightened deposit competition and a rotation out of CASA into term deposits (CASA ratio down 460 bps QoQ).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Consolidated PBT for 1Q/2026 reached VND 9,628 bn (+15% YoY), completing 24% of the full-year plan, supported by NII growth of 28% YoY and consolidated credit growth of 38.2% YoY (~3.2% YTD).However, aggregate losses of approximately VND 280 bn from FX trading and securities trading activities (vs. a VND 1,200 bn gain in 1Q/2025) weighed on earnings momentum.Consolidated NIM contracted 35 bps QoQ to 3.80%, as asset yields edged up only 10 bps QoQ — pressured by interest income reversals on deteriorating asset quality (net NPL formation surged, and Stage 2 loans spiked by over VND 7,000 bn) — while funding costs rose ~40 bps QoQ amid heightened deposit competition and a rotation out of CASA into term deposits (CASA ratio down 460 bps QoQ).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MBB - Earnings on Track Despite NIM Under Pressure

MBBank

MBB - Earnings on Track Despite NIM Under Pressure