Company Insight

MBB recorded consolidated credit growth of nearly 25% YoY in 2024, with a strong increase of over 11% in Q4 2024 alone. Lending growth in 2024 continued to be driven by the corporate segment (+32.8% YoY), while the retail segment showed a more positive recovery than the previous year (+20% YoY).Customer deposits also showed an increase in line with the credit growth, reaching nearly 26% YoY.

The net interest margin (NIM) narrowed from 4.9% at the end of Q4 2023 to around 4.2% in Q3/2024 and remained stable at this level in the last two quarters of 2024. Interest income in 2024 reached VND 41,152 billion (+6.4% YoY).

The NPL ratio remained stable at 1.6% (equivalent to the NPL ratio at the end of 2023). The Loan loss coverage ratio (LLR) reached over 92%.

MBB's pre-tax profit for the full year reached VND 28,829 billion (+9.6% YoY), exceeding the 6-8% growth target approved by the General Meeting of Shareholders.

We expect MBB's consolidated pre-tax profit in 2025 is expected to reach VND 32,337 billion (+12% YoY). With the residual income (RI) method and comparison method based on the P/B and P/E ratio, we update the target price for MBB in 2024 at 30,700 VND.