MBB - Double-digit profit growth guidance despite uncertainties - AGM Note
  • 2023-04-25T00:00:00
  • Company Research

We attended MBB’s AGM on April 25. The meeting’s main agenda was to propose 2023 guidance and seek shareholder approval for dividend plans.

2023 guidance includes credit growth of 15% YoY (final growth subject to the State Bank of Vietnam’s (SBV) decision regarding the allocation of MBB’s top-up quota), the NPL ratio to be kept below or equivalent to 2.0%, and profit before tax (PBT) of ~VND26.1tn (USD1.1bn; +15% YoY) vs our forecast of VND25.0tn (+10% YoY). Furthermore, CIR is targeted to be controlled at below 30%.

MBB proposed (1) a stock dividend plan (680 million shares — 15% of outstanding shares) and (2) a cash dividend of 5% (VND500/share) using 2022 retained earnings. 

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