The earnings of MBBank climbed by 76% in the second quarter
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- Entrepreneur
- 21:54 01/08/2022
DNHN - MB paid about VND 1,375 billion for credit risk provision in the third quarter, a decrease of 43 per cent from the previous quarter. As a consequence, the bank recorded a 76 per cent increase in pre-tax profit of about VND5,987 billion.
According to the second quarter consolidated financial records, Military Commercial Joint Stock Bank (MB, MBB/HoSE) posted a pre-tax profit of about VND5,987 billion, up 76 per cent over the same period, mainly to a 43 per cent decrease in provision expenditures for credit risks.
MB's major source of revenue climbed by 37% in the second quarter compared to the previous quarter, reaching more than VND 8,969 billion in net interest income.
Net profit from services fell marginally by 2% to a little over VND 1,010 billion, owing mostly to higher expenditure on the insurance business (VND 3,109 billion).
Due to increased income from trading in spot foreign currency and gold, the foreign exchange industry achieved a profit of roughly VND 472 billion, a 47 per cent gain (VND 1,326 billion).
MB paid about VND 1,375 billion on credit risk provisions in the third quarter, a decrease of 43 per cent from the previous quarter. As a consequence, the bank recorded a 76 per cent increase in pre-tax profit of about VND5,987 billion.
MB put aside 3,500 billion dongs for credit risk provision in the first six months of the year, down 17 per cent from the same time last year, making a pre-tax profit of more than 11,896 billion dongs, up 49 per cent.
MB has reached 59 per cent of its pre-tax profit objective of 20,300 billion dongs for the whole year following the first half of the year.
By the conclusion of the second quarter, MB's total assets had climbed by 8% year on year, reaching VND 658,274 billion. Customer loans climbed by 14% to VND 415,456 billion. Customer deposits climbed by 3%, totalling VND 396,910 billion.
Total bad debts have climbed by 52% year on year as of June 30, 2022, accounting for VND 4,975 billion of total outstanding loans. In this case, debt with the potential to lose money grew the greatest. As a consequence, the bad debt to outstanding loan ratio grew from 0.9 per cent at the start of the year to 1.2 per cent.
PV
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