MBB_2Q22 prelim results

MBB reported 1H22 preliminary PBT of VND11.9 tn (+49% YoY), fulfilling 59% of our full-year forecast. We estimate 2Q22 PBT was VND6.0 tn (+2% QoQ/ +76% YoY). MBB targets to achieve VND24 tn (+45% YoY) in PBT in 2022.

MBB reported 1H22 TOI of VND29.9 tn (+65% YoY), of which the parent bank contributed 60% and subsidiaries accounted for 40%. Based on the 1H22 results, we estimate the Group’s 2Q22 TOI reached VND18.3 tn (+57% QoQ/+105% YoY).

The bank reported an NPL ratio of 0.94% in 2Q22 (-5bps QoQ/-35bps YoY). MBB targets to control the NPL ratio at below 1% in 2022.

MBB increased its LLR ratio to 380% in 2Q22 (+130ppt QoQ/+253ppt YoY). This is among the highest reserve coverage ratios in the sector. The bank aims to keep its LLR ratio at about 300% in 2022.

The bank said new account holders and MBB app users reached 3.5 million, and the bank expects to have 7-8 million new clients in 2022. Currently, MBB has 16.5 million clients.

CAR was 10.9%, well above the Basel II minimum requirement of 8%.

For the complete report, please access here: MBB_2Q22_Prelim_Express note

Analyst: Tanh Tran, tanh.tran@yuanta.com.vn