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(EN) GTJASVN_MBB Equity Report_2025 Business Results_Accumulate TP29,600VND_03.02.2026
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KEY BUSINESS HIGHLIGHTS In 2025, MBB recorded exceptional growth in both scale and asset size, significantly outperforming the industry average (credit growth of 37% YoY, deposit growth of 32% YoY, and total assets increasing by 43% YoY). This also marked the first year the bank surpassed the milestone of VND 1 quadrillion in outstanding credit. In terms of profitability, MBB reported pre-tax profit of VND 32 trillion, representing an 18.7% YoY increase, primarily driven by net interest income (+25% YoY), while non-interest income continued to improve, supported by contributions from multiple business pillars (+12.8% YoY). NIM trends reflected the group’s resilience amid rising funding costs across the sector, with the NIM base remaining stable at 4.1% by the end of 2025. Asset quality improved notably, with the non-performing loan (NPL) ratio declining sharply to 1.29% by end-2025. The capital adequacy ratio (CAR) was maintained above 11%. RECOMMENDATION MBB’s 2025 business results reflect the bank’s solid and well-executed steps in entering a new growth phase, in which credit remains the core business pillar, while performance achievements stem from a flexible combination of governance enhancement, digitalization, and selective segment expansion. Regarding the 2026 outlook, through its participation in the restructuring of MBV, MBB is expected to benefit from a special regulatory mechanism, supporting projected credit growth of approximately 35% per annum for at least the next three years. The bank’s credit allocation strategy also demonstrates a consistent approach aligned with Vietnam’s economic growth plan, with a focus on expanding lending to production and business activities, exports, FDI-related enterprises, as well as retail, personal, and consumer lending. In the retail segment, MBB continues to accelerate retail expansion, targeting an increase in the retail contribution to total outstanding loans by 1.5%–2% per year. Recommendation: Accumulate, 12-month target price of VND 29,600 per share, implying an upside of 8.4% from the closing price on 02 February 2026. |
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