MSB honored 'Bank of the Year 2023'

Vietnam Maritime Commercial Joint Stock Bank (MSB) received the "Bank of the Year 2023" award thanks to positive business results, advanced risk management, and modern services.

The award was presented by The Banker on November 30 in London (UK). The winning banks were assessed to have demonstrated the ability to quickly adapt to the environment and flexibly handle the many intertwined challenges that will emerge in 2023.

Mr. Nguyen Hoang Linh, General Director of MSB, said that the award recognized MSB's efforts and achievements in terms of business results, risk management and products and services. The award affirmed the bank's position and at the same time created motivation to continue bringing values to society.

"We hope to accompany the success, prosperity, and new experiences of customers, shareholders, partners, and investors," said Mr. Linh.

According to the business report, the bank's total net revenue for the first 9 months reached VND 9,567 billion, up 19% over the same period in 2022. Of which, net interest income was more than VND 6,800 billion, up 9% over the first 9 months of last year. The ratio of non-interest income to total income reached nearly 29%, up more than 6% over the same period. At the end of the first 9 months, MSB's consolidated pre-tax profit reached VND 5,223 billion, equivalent to 83% of the yearly plan.

Mr. Tran Anh Tuan, Chairman of the Board of Directors of MSB received the Bank of the Year 2023 award. Photo: MSB — Mr. Tran Anh Tuan, Chairman of the Board of Directors of MSB received the "Bank of the Year 2023" award. Photo: *MSB*

As of September 30, the Bank's total assets reached over VND 249,000 billion, up 17% compared to the end of 2022. Total accumulated customer loans in the first 9 months reached nearly VND 141,244 billion, up 17% compared to the beginning of the year, higher than the industry average growth rate. Customer deposits reached VND 129,618 billion, up 11% compared to the end of the previous year. The ratio of demand deposits to total deposits (CASA) reached 27.71%, among the leading banks in the market.

Regarding enhancing digitalization of products and services, MSB has a digital factory project to directly impact the customer approach, approval and post-approval process.

The most typical solution and rated 86/100 points by customers for satisfaction is M-Power, which helps customers borrow unsecured loans online with a limit of up to 15 billion VND. The solution allows customers to proactively look up the expected limit granted in just 30 seconds; submit documents completely online; use digital signatures to streamline documents; proactively monitor loan processing progress. MSB appraises and approves within 3 working days, much more optimal than the traditional method.

In terms of improving risk management on the digital journey, the bank has built and deployed pre-approval, auto-approval, income prediction, behavioral analysis and fraud prevention models to quickly make loan approval decisions. The early warning system has shifted to a data-driven model, allowing risks to be alerted more frequently and at the same pace as user transactions. Modeling techniques now use machine learning algorithms to increase productivity and quality.

In managing fraud risks on the digital journey, MSB applies a four-layer filter funnel model with a modern technology platform... MSB also offers a self-fraud scoring mechanism (Fraud Score), maximally supporting the bank's decision-making when customers access digital products. From the model platform and management method, MSB aims for a direct approval mechanism without human intervention, promoting the number of customers who can borrow capital to the maximum level with the shortest time in each approval.

The Bank of the Year is a prestigious award in the global banking industry, presented annually. Banks from more than 120 countries around the world submit applications in May, including balance sheet data and detailed answers to questions around strategic initiatives, technology, new products and services. Regional and industry experts evaluate and decide on the awards.

Van Ha

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