MBB - Lower provisions, large recovery income boost profits - Earnings Flash & AGM Note
  • 2021-04-27T20:43:43
  • Company Research
MBB released consolidated results for Q1 2021 with net profit totalling VND3.7tn (USD157mn; +106% YoY), which completed 33% our FY2021 forecast. Q1 2021 NII was up 26.8% YoY — achieving 24% our FY2021 forecast — with consolidated NIM at 5.04% vs our 2021F NIM at 5.04%. Q1 2021 net income tracked ahead of our forecast due to (1) a 97% YoY surge in non-interest income (NOII), which was derived from a strong recovery income from written-off debts and (2) lower-than-expected OPEX.