On March 6, 3, Military Commercial Joint Stock Bank (MB, stock code MBB) held a meeting with investors to inform about business results and growth drivers in 2024.
Talking with investors, in addition to the content of the 2024 business plan, even issues that many other banks often consider "sensitive" to their operations were also frankly shared by MB leaders, not avoid.
Talking about 2023, MB leaders said that last year was a difficult year for the economy, but MB still achieved positive results, being in the group of 3 banks with the highest profits, only after Vietcombank and BIDV. Not only does MB surpass VietinBank and Agribank (in the Big4 group), but it is also creating quite a distance from other joint stock banks in the system. The total number of new customers coming to MB last year reached more than 6 million, the third consecutive year reaching over 3 million new customers per year, bringing the total number of customers served at the end of 6 to more than 2023 million people. MB Group's member companies also do business effectively and maintain market share in the market.
Regarding 2024, MB has a quite optimistic perspective in the context of the recovering economy. MB Chairman assessed that the most difficult period of the real estate market is over (falling in the third quarter of last year).
As for MB, the Bank is determined to continue growing with three solid driving forces: retail; Digital transformation and corporate synergies – all MB are strong. Mr. Luu Trung Thai, Chairman of MB, affirmed that this bank will conquer the milestone of 3 million customers before its 30th birthday (in November 30). Currently, MB is the leading bank in digitalization, with transactions on digital channels accounting for 11%, equivalent to the top banks in Asia. MB determines that digital platforms will account for about 2024-97% of revenue for the bank in the near future. At the same time, MB will also transform its business model towards ESG to ensure sustainable development. Currently, MB is among the top banks with the largest green credit balance.
MB Chairman Luu Trung Thai
Not only did they talk about MB's growth motivation and prospects, but at the event, Chairman Luu Trung Thai and members of the Board of Directors and MB Executive Board also answered many questions from investors. on the development of subsidiaries (especially the insurance segment, the issue of finding strategic partners); about issuing preferential shares to Viettel, SCIC, about the Bank's business situation in the Southern region...
Notably, in addition to the business plan content, even issues that other banks often "avoid" because they consider them "sensitive" to their operations were also answered by MB leaders. It can be mentioned as why bad debt increased, risk provisions for bad debt decreased; debt classification of customer groups who are real estate "giants" who have encountered many difficulties in recent times; about the credit relationship with Vinfast; about the story of accepting restructuring of the "zero dong bank" when it will be implemented; about stocks and shares. Even MB is not afraid to directly compare with other banks so that investors can better understand the Bank.
At the event, MB leaders also talked about this bank's advantages in the market. According to Mr. Dam Nhan Duc, PhD, Chief Economist of Military Bank, MB has clear differences with other banks in the system, such as leading in digital transformation, in CASA ratio, and in sales. retail... and especially the desire to "fight", there is a spirit of innovation and creativity in every MB person.
“This comes from MB's history, the Bank's leaders all have strong personalities and determination. The MB people said they would do it, and what they did was done. It is that determination, the "gene" in MB's people, that has helped MB grow quickly and steadily in the past period as well as in the coming time" - Mr. Duc added.
Dr. Dam Nhan Duc, Chief Economist of MB
It is known that in 2024 MB plans to grow profits by at least 10% (equivalent to more than 28.800 billion VND); credit growth of 16% (and bank leaders expect it to be higher than the level allowed by the State Bank); Capital mobilization increased by 12%. The bank also plans to pay dividends to shareholders, but the specific number will be announced later, possibly at the Annual General Meeting of Shareholders on April 19.
MB Bank
