UPDATE ON BUSINESS OPERATIONS

In the first half of 2025, MBB recorded credit growth of 12% YTD, deposit growth of 13% YTD (including valuable papers). TOI reached VND 32.6 trillion, up 25% YoY, of which net interest income grew 23% YoY and non-interest income grew 37% YoY (ecosystem subsidiaries were highly active). Consolidated profit before tax grew 18% YoY. Amid an industry-wide trend of NIM contraction in recent quarters, MBB was no exception; however, it managed its NIM better, maintaining it at a high 4.1%, down just 0.1% from the prior period. Regarding asset-quality control, the bank’s NPL ratio remained flat at 1.6% (post-CIC). The CAR was maintained at around 11%.

GTJA COMMENT AND RECOMMENDATION

MBB continues to affirm its position as a top-5 bank in the system with a comprehensive product ecosystem (the earliest to complete a full financial ecosystem among its peers). During 2025–2027, MBB will benefit from SBV support by participating in the restructuring of weak banks (MBV), driving its credit growth to one of the highest in the industry (projected at 30–35% per annum). In 2025, MBB has set a credit-growth target of 25.3%. With the results delivered by both the parent bank and its subsidiary ecosystem, we believe MBB will meet its 2025 profit target. NIM is expected to remain stable at around 4.1% (or edge up by 10 bps in a positive scenario). In August, MBB will pay a 32% stock dividend as previously approved. The bank also plans a private placement for strategic investors. Regarding the earlier plan to repurchase 100 million treasury shares, the bank has indicated it will not proceed in the near term. Although MBB possesses superior advantages, its share price has surged sharply in recent periods; we therefore recommend a “WATCHLIST” rating on MBB shares with a target price of VND 33,000 per share.

(EN) GTJASVN_MBB Equity Report_ Q2.2025 Eaning Updates_TP33,000VND_06.08.2025