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Equity Bottom-Up

Military Commercial Joint Stock Bank / Equity Bottom-Up

Military Commercial Joint Stock Bank (MBB VN)

<ul><li>The key driver of net interest income growth (+29% YoY) was a combination of robust credit expansion (+27% YoY and 2.2% YTD) and a NIM of 4.2%, up 15 bps YoY, benefiting from a low base in the prior year, which was impacted by the reversal of accrued interest following a sharp rise in NPLs.</li><li>Non-interest income growth (+23% YoY) was notable, driven by a 54% YoY increase in revenue from insurance activities (MBAgeas Life and MIC) and robust recovery of written-off bad debts, reaching VND1 trillion, 2.8 times higher YoY and up 45% QoQ.</li><li>The consolidated NPL ratio rose 22 bps QoQ to 1.84%, with net NPL formation unexpectedly increasing by VND5.6 trillion (0.7% of credit scale).</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>

The key driver of net interest income growth (+29% YoY) was a combination of robust credit expansion (+27% YoY and 2.2% YTD) and a NIM of 4.2%, up 15 bps YoY, benefiting from a low base in the prior year, which was impacted by the reversal of accrued interest following a sharp rise in NPLs.Non-interest income growth (+23% YoY) was notable, driven by a 54% YoY increase in revenue from insurance activities (MBAgeas Life and MIC) and robust recovery of written-off bad debts, reaching VND1 trillion, 2.8 times higher YoY and up 45% QoQ.The consolidated NPL ratio rose 22 bps QoQ to 1.84%, with net NPL formation unexpectedly increasing by VND5.6 trillion (0.7% of credit scale).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 - 긍정적인 성장 전망을 뒷받침하는 탄탄한 경쟁 우위