Economy
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| The bank said it was developing strong business lines such as bancassurance and consumer finance. — Photo vietnambiz.vn |
Viet Nam News
HÀ NỘI – Military Bank (MBBank) has reported consolidated profits of about VNĐ3.8 trillion (US$165.2 million) in the first half of this year, beating its yearly profit of VNĐ3.6 trillion registered in 2017.
According to the bank, the impressive result comes thanks to success in its bancassurance (selling insurance product through banks) and consumer finance businesses.
MBBank has six subsidiaries: MB Asset Management Company, MB Securities, MB Capital, two insurance companies MB Ageas Life and Military Insurance Corporation and MCredit operating in consumer lending.
In the first half of this year, MB’s bancassurance rose to the top of the market in terms of new revenue growth.
The bank’s traditional business of lending rose 11 per cent year-on-year in the first six months with total outstanding loans reaching VNĐ200 trillion ($8.7 billion). This number is quite close to its annual credit target growth of 15 per cent set for this year.
Earlier this year, it set a consolidated pre-tax profit target of VNĐ6.8 trillion for the whole year, of which the bank is expected to earn VNĐ6.5 trillion. With the six-month result, the bank said it would exceed this plan.
The bank’s shares, being traded on the HCM Stock Exchange under the code MBB, rose 2.9 per cent on Monday to VNĐ21,400 ($0.93) per share. However, the share value has lost over 19 per cent since the beginning of this year. – VNS
