On the morning of April 26, Military Commercial Joint Stock Bank (MBBank) held an annual General Meeting of Shareholders (GMS) at the National Convention Center with 2,500 shareholders attending. Up to now, MB's General Meeting of Shareholders is the event with the highest number of attendees in this year's Banking General Meeting of Shareholders.
Speaking at the congress, MB General Director Pham Nhu Anh said that during the congress, the number of shareholders attending continued to increase, showing that MB's congress received much attention from shareholders.
A notable point at this year's congress is that MB gave each shareholder who attended directly a cash gift worth VND500,000, the total cost of which was up to nearly VND800 million to thank the shareholders who accompanied the bank.
One of the points that shareholders are interested in is the option to buy back 100 million MB shares, equivalent to about 1.6% of charter capital. The purpose of this plan is to "protect the interests of shareholders and corporate value from fluctuations in the stock market, as well as bring benefits to existing shareholders".
The stock buyback will be done by order matching and is expected to be implemented this year or next year, when receiving approval and guidance from state agencies. The capital source for implementation will be taken from the bank's surplus equity capital, according to the most recent audited financial report.
With the current MBB stock price of VND23,250, MB can spend more than VND2,300 billion to complete the stock buyback transaction. After the transaction is completed, MB's charter capital will be reduced by a maximum of VND 1,000 billion, from VND 61,022.7 billion to VND 60,022.7 billion.
Within the framework of the congress, MB presented shareholders with an ambitious growth plan in 2025. Accordingly, total assets reached nearly 1.37 million billion VND, an increase of 21% compared to the end of 2024. In addition, the bank plans to mobilize capital and credit to increase by 23% and 24%, respectively, depending on the credit limit granted by the State Bank.
In terms of profit, MB set a target of achieving VND31,712 billion in consolidated pre-tax profit in 2025, up 10% compared to the results achieved in 2024. MB's other financial indicators this year include bad debt ratio below 1.7%, CAR minimum 9% according to Basel II standards, ROE ranging from 20-22%, ROA around 2%, and CIR below 30%, among the top in the banking industry.
By the end of 2025, MB wants to have 34-35 million customers and will reach 40 million customers by 2029. Mr. Luu Trung Thai, Chairman of the Board of Directors, said that MB's goal is to maintain its position in the Big 5 banks in Vietnam. The bank will also optimize capital costs, continuing to maintain its Top position in the CASA ratio in the entire system.
