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Military Bank’s six-month profit exceeds 2017 annual result

The bank said it was developing strong business lines such as bancassurance and consumer finance. — Photo vietnambiz.vn

HÀ NỘI – Military Bank (MBBank) has reported consolidated profits of about VNĐ 三. 八 trillion (US$ 一 六 五. 二 million) in the first half of this year, beating its yearly profit of VNĐ 三. 六 trillion registered in  二0 一 七.

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  一 一 per cent year-on-year in the first six months with total outstanding loans reaching VNĐ 二00 trillion ($ 八. 七 billion). This number is quite close to its annual credit target growth of  一 五 per cent set for this year.

Earlier this year, it set a consolidated pre-tax profit target of VNĐ 六. 八 trillion for the whole year, of which the bank is expected to earn VNĐ 六. 五 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  二. 九 per cent on Monday to VNĐ 二 一, 四00 ($0. 九 三) per share. However, the share value has lost over  一 九 per cent since the beginning of this year. – VNS