Company Insight

Business result in 2025  

MBB ended 2025 with strong balance sheet expansion. Consolidated total assets grew 43% YoY, while consolidated credit increased 37% YoY, well above the industry average (around 19%). Loan growth was broad-based across retail and corporate segments, with retail loans accounting for 45% of total outstanding loans by end-2025.

Net interest income reached VND 51,610 billion (+25% YoY). Non-interest income grew 13% YoY, driven mainly by fee income (+51%) and recoveries from bad debt handling (+69%), with card services, bancassurance, and advisory services showing a solid recovery.

Pre-tax profit reached VND 28,829 billion (+19% YoY), exceeding management’s target and our forecast, supported by effective cost control and a recovery in fee income. 

Outlook for 2026
We forecast 2026 credit growth at 30%, below management’s 35% target, due to emerging liquidity tightness in recent quarters. In a mildly rising interest rate environment and with MBB maintaining relatively low lending rates to prioritize scale, we expect NIM to narrow further to 3.9% in 2026. Benefiting from its participation in the restructuring of MBV Bank, we assume MBB can raise its loan loss coverage ratio to 111% in 2026, while CIR remains below 29%. Accordingly, 2026 pre-tax profit is projected at VND 39,995 billion, up 16.7% YoY