With the streamlining of administrative procedures in Vietnam and growth drivers of investment, export and consumption, Vietnam's economic growth in 2025 is likely to have positive developments.
From October 17, 2024, MBV will be transferred to MB.
MB has sent a team of personnel to help MBV quickly stabilize the organization, perfect the apparatus, and build solutions for 2025. MBV is an independent subsidiary bank, not merged into MB.
MB expects credit growth in 2025 to be around 25%, to have resources and support for MBV to return to being a bank with healthy business indicators.
Impressive numbers in 2024
Regarding MB's business results, as of December 31, 2024, total assets reached more than 1 million billion VND, an increase of 18% compared to the beginning of the year. Credit increased by 25% (equivalent to 766,000 billion VND), capital mobilization increased by 19% (equivalent to about 800,000 billion VND). The Bank's total revenue in 2024 reached 47.4 trillion VND, an increase of 21%, while pre-tax profit reached 27.6 trillion VND, an increase of 12% compared to the previous year.
MB Chief Economist, Mr. Dam Nhan Duc, explained that the reason for the 21% increase in revenue but only 12% increase in profit was because in a difficult environment, MB actively set aside provisions, creating a protective barrier for the future. In particular, bad debt at the Military Bank (MBBank) reached 1.2% with a bad debt coverage ratio of over 100%.
In addition, member companies have achieved certain results in terms of market share and business results. Notably, MBS achieved 930 billion VND in profit.
Towards sustainable growth
With impressive numbers closing 2024, this year, MB sets the goal of increasing market share and sustainably developing the retail sector. At the same time, enhancing digital transformation, contributing to boosting digital channel revenue, contributing 40% of the Group's profits.
Strengthening MB Group's synergy with the most complete ecosystem, increasing cross-selling, increasing strength in the ecosystem of the parent bank and member companies. Strengthening risk management, risk prevention and protection. Comprehensively deploying ESG in the bank's extensive operations.
The plan estimates total assets in 2025 to reach over 1.3 million billion VND (up 22%), credit and capital mobilization are both planned to reach over 1 million billion VND, up 26% and 25% respectively. The plan is for pre-tax profit to reach 32 trillion VND, up 10%.
In the long-term vision, MB always expands its asset and capital structure, optimizes growth, increases asset profitability, reduces capital costs, and maintains NIM growth.
In 2025, MB prioritizes at least 50% of credit growth room (a bank's lending limit) for retail and small and medium enterprises, the rest for large enterprises. MB will also continue to focus on the manufacturing sector, so the orientation for 2025 is retail and manufacturing enterprises, priority sectors of the Government.
