MBB - Optimized G&A expenses and credit costs support earnings - Earnings Flash
  • 2023-10-30T00:00:00
  • Company Research

MBB released consolidated results for 9M 2023 with PBT of VND20.0tn (USD814mn; +10.0% YoY), completing 76% of our FY2023 forecast and implying Q3 2023 PBT of VND7.3tn (+15.7% YoY; +17.0% QoQ). Overall, MBB’s bottom line tracked in line with our full-year forecast. 

- 9M 2023 consolidated credit growth was 13.7% vs the current credit quota of 24.5%. The credit growth was derived from (1) loan growth of 16.4% and (2) a 13.2% decrease in MBB’s corporate bond balance vs Q4 2022. As of Q3 2023, corporate bonds accounted for 7.1% of MBB’s total credit exposure (vs 9.2% as of Q4 2022). 

- 9M 2023 deposit growth was 8.1%. The Q3 2023 CASA ratio edged down 1.1 ppts QoQ to 36.0%, which remains the highest in our coverage.  

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