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Home / Economy / Banking & Finance
MB Bank posts profit at US$76.6 million in first quarter
Ngoc Thuy 17:08, 2018/04/15
The MB Bank announced its quarterly financial report on April 14 with pre-tax profit at VND1.74 trillion (US$76.6 million), up 65% year on year.
The high growth rate, according to the report, comes from MB Bank's core business lines. 
 
MB Bank posts profit at US$76.6 million in first quarter.
MB Bank posts profit at US$76.6 million in first quarter.
Notably, credit-investment activities saw a return of VND3 trillion (US$132 million) in profit, up 30% over the previous year. Services also contributed VND177 billion (US$7.8 million), increasing 69% and foreign exchange service of VND75.6 billion (US$3.3 million), 2.5 times higher year on year. 
Additionally, capital contribution and services related to stock market witnessed profit of VND230 billion (US$10.1 million), 4.4 times higher than that of in the first quarter of 2017, while the remaining business activities accounted for VND184 billion (US$8.1 million) in profit, increasing 36% compared to last year's period.
By the end of the first quarter, MB Bank posted its revenue at VND2.4 trillion (US$105.6 million), increasing 49% year on year. 
As at March 31, 2017, MB Bank's total assets worth VND308 trillion (US$13.5 billion), 0.4% increase over the year beginning; credit growth at VND189 trillion (US$8.3 billion), up 4.9%, and bad debt rate is kept at 1.4%. 
The lender's receivables have increased by nearly VND10 trillion (US$440 million) after 3 months, going from VND6.5 trillion (US$286 million) to VND16.2 trillion (US$712.8 million), in which the majority was from "other receivables" (from VND1.65 trillion, or US$72.6 million to VND12 trillion, or US$528 million. 
However, the financial report did not disclose the details of these mentioned receivables. 
In term of capital, MB Bank's equity by the end of March 31, 2017 reached VND18.9 trillion (US$831.6 million), equivalent to the beginning of the year. Deposits are at VND227.1 trillion (US$10 billion), up 3.1%, in which demad deposits accounted for 32%. 
The lender has recently cooperated with Fintech company to allow customers making transaction right in the Messenger application of Facebook. MB Bank expected that there will be more specific regulations to allow banks expanding cooperation with Fintech companies.
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