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Equity Bottom-Up

Vietnam Maritime Commercial Bank / Equity Bottom-Up

Vietnam Maritime Commercial Bank (MSB VN)

<ul><li>Q2/26 PBT reached over VND 1.5 trillion ( -19% QoQ, -1% YoY), 20% below our expectation, mainly due to a sharp decline in non -interest income (36% below our forecast).</li><li>Accordingly, MSB’s 1H26 PBT reached VND 3.4 trillion (+8% YoY), fulfilling 39% of our ful l-year forecast.</li><li>Key highlights of Q2/26 business results included (1) consolidated credit growth of 11.4% YTD (Q1/26: 7.3% YTD), with the parent bank fully utilising its initial credit quota (10.45%); and (2) stable asset quality, with consolidated net NPL formation remai ning flat 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>

Q2/26 PBT reached over VND 1.5 trillion ( -19% QoQ, -1% YoY), 20% below our expectation, mainly due to a sharp decline in non -interest income (36% below our forecast).Accordingly, MSB’s 1H26 PBT reached VND 3.4 trillion (+8% YoY), fulfilling 39% of our ful l-year forecast.Key highlights of Q2/26 business results included (1) consolidated credit growth of 11.4% YTD (Q1/26: 7.3% YTD), with the parent bank fully utilising its initial credit quota (10.45%); and (2) stable asset quality, with consolidated net NPL formation remai ning flat 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.

MSB - Credit Growth Accelerated Markedly, but Non-Interest Income Fell Short of Expectations