General Meeting of Shareholders of Military Commercial Joint Stock Bank. Photo: MB
On the morning of April 19, in Hanoi , the Military Commercial Joint Stock Bank (MB - Code: MBB) successfully held the 2024 Annual General Meeting of Shareholders with many important contents submitted and approved. Top 3 profits, maintaining credit growth rate According to the report of MB's leaders at the Congress, in 2023, Vietnam's economy continued its recovery trend, the macro economy was stable, and major balances were ensured. In that context, MB has closely followed the strategic orientation for the period 2022 - 2026, flexibly built and implemented new business models, contributing to the completion of the plan approved by the General Meeting of Shareholders (GMS). Total assets of the group reached nearly VND 945,000 billion, up 29.7% compared to 2022. Consolidated pre-tax profit reached more than VND 26,306 billion, up 15.7% compared to 2022, ranking in the Top 3 profits of the whole industry. Particularly for the bank, profit reached VND 24,688 billion, up 21.5% over last year, showing stable growth in MB's business activities. In 2023, MB took full advantage of the credit room approved by the State Bank, the Bank's own credit growth increased by 28.2%. Of which, outstanding loans for priority industries according to the Government's orientation accounted for 65%. MB has adjusted interest rates down 7 times in 2023 with a reduction of 2% - 4% to support customers in accessing loans, accompanying to overcome difficulties and restore production and business, contributing to promoting economic growth. Thanks to the standard investment in information technology platform and customer attraction strategy on a diverse digital ecosystem, MB maintains sustainable customer growth momentum, with the total number of MB customers served by December 31, 2023 reaching 26.5 million. 2023 is the third consecutive year that MB has attracted more than 6 million new customers (6.2 million in 2021; 6.9 million in 2022 and 6.3 million in 2023). The transaction scale on digital channels exceeds the 10 million billion VND mark, with the number of cashless transactions reaching 3.6 billion transactions, an increase of 1.5 times compared to 2022. The scale of MB's money transfer transactions via NAPAS has been at the top of the system for 3 consecutive years (2021-2023). With good business results in 2023, MB has submitted and received approval from the MB General Meeting of Shareholders for the dividend payment rate for 2023 of 20%, including 5% in cash.
Chairman of the Board of Directors Luu Trung Thai speaks at the Congress
Total assets soon reach the 1 million billion VND mark. Sharing about the business goals for 2024, MB leaders said that the bank continues to adhere to the motto "Digital acceleration - Customer attraction - Group synergy - Sustainable safety", consolidating the quality of all aspects of operations, long-term foundational resources, and the goal of being in the top 3 indicators of efficiency and safety. Along with that, MB aims to conquer 30 million customers before the 30th anniversary of its establishment (November 4, 1994 - November 4, 2024). Regarding total assets, the bank aims to increase by 13%, reaching nearly VND 1,068 trillion by the end of 2024, becoming the next bank to surpass the VND 1 trillion milestone after the Big 4 group. In addition, MB strives to achieve at least 30% of revenue from digital channels, aiming for 50% of revenue on digital channels by 2026. At the same time, the bank will integrate ESG in implementing the group's long-term goals, aiming for sustainable development according to the strategy. In 2024, MB's Board of Directors plans to increase charter capital by more than VND 8,579 billion. Accordingly, in addition to increasing capital by VND 7,959 billion through stock dividends, MB continues to plan to issue an additional 62 million shares, equivalent to an increase in charter capital of VND 620 billion. The implementation period is from 2024 to the second quarter of 2025. Previously, MB completed the private issuance of 73 million shares to two shareholders, SCIC and Viettel . After completing the two capital increase plans above, MB's charter capital is expected to increase to VND61,643 billion.MB
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