MBB - Ngân hàng Quân đội tăng trưởng lợi nhuận 60% trong quý 3

tưởng nó lãi lớn hóa ra chỉ hoàn thành có 88% thì mệt rồi

MBBank đã hoàn thành 88% kế hoạch của cả năm, tính đến thời điểm này (Quý 3) là vượt mức mong đợi 75%. Đặc biệt, hoạt động ngân hàng thì quý 4 là quý có doanh thu và lợi nhuận cao nhất bạn ak.

Quy 4 moi la quý làm ăn ngon nhất của mbb. Dự la 2k tỏi. Cùng chờ xem

Tin ra là bị chúng nó bán giống ACB thôi

Mình đồ rằng, lợi nhuận quý 4, ko tính dự phòng khoản 2000 tỏi nữa. Dự kiến vượt 20-25% kế hoạch năm. Con số này chưa kể khoản lợi nhuận từ việc bán Mcredit.

Bán thì có đội gom. Dự quý 1/2018 bank sẽ nổi sóng lớn. Cứ vcb,mbb, acb mà mút. Ít nhất giá của mbb phải bằng acb

Hôm nay bị bán do MBBank phát hành thêm cổ phiếu thưởng cho nhân viên.

chỉ sợ mấy ông lãnh đạo giấu lãi thật quý 4 thôi

Full report for you all
Earning Highlights

Loan growth: +21%y/y(vs. +22%y/y in 2Q17 & 24%y/y in FY16)

·Deposit growth (Ex-CDs) +13%y/y (vs. 6.7% in 2Q17 & 7.3% in FY16)

·LDR (Ex-CDs & Borrowing) & LFR stood at 83% & 82% respectively, vs. 85% & 84% in 2Q17.

·By currency, FX loans account for 12.9% Total loans. By duration, Short-term & Medium-term account for 49.7% & 18.2% respectively. And by client, retails account for roughly 32.6% in 3Q17.


NIM (R4Q): 4.2%(vs. 4.0% in 2Q17 & 3.8% in 1Q17).

·Gross yield increased slightly to 7.6% vs. 7.5% in 2Q17 vs. 7.3% in 1Q17.

·Cost of fund decreased slightly to 3.6% vs. 3.7% in 2Q17 vs. 3.7% in 1Q17.

·The rise in gross yield was mostly driven by increase in loan yield. Aggressive expansion into retail during the past few years has been yielding fruits.

·The drop in cost of fund was mostly driven by decrease in CDs & Borrow rate

·CASA stood at 36.9%, 20bps lower QoQ but 220bps increase YoY !!


Assets Quality: Mixed but in Check

·NPL was reported at 1.3%, or 2.3% if including VAMC bonds vs. 2.4% in 2Q17 & 3.5% in FY16.

·Classified loans (NPL + Group 2) increased slightly to 3.9% from 3.7% in 2Q17, while receivables Days was stable.

·Rise in Group 2 is an area to watch going forwards.

·NPA formation, on R4Q basis, went up slightly in 3Q17 vs. 2Q17, but remained below provision expense which was 1.07% assets

·NPL coverage decreased to 71% vs. 78% in 2Q17 & 59% in FY16, while G2 – 5 Coverage stood at 42%.

·Sped up in Assets write-off to roughly 3,563Bn. VND, or 1.35% assets, during the last 4Q was one main reason for the decrease in NPL coverage, besides the mild pick up in NPA formation as mentioned above.

·On the bright side, accelerating assets write-off leaves upside risk for future recovery gain.


Profitability: High Growth

·Net Interest Income +37%y/y vs. 40% in 9M17.

·Revenue +43%y/y (vs. +47% in 9M17). Non-NII accounts for 21.5% of Total Revenue on R4Q basis.

·126%y/y in Net fee income in 9M17 was a nice surprise spot. Repriced fees, expansion into insurance, and better product offerings were likely the reasons.

·PPoP +42%y/y vs. +52% in 9M17. CIR was stabled at 41.0% in 3Q17 on R4Q basis.

·PBT +60%y/y vs. +44%y/y in 9M17. Credit costs decreased slightly to 1.07% assets vs. 1.09% in 2Q17 on R4Q basis

·On R4Q, NI to Share holder amounts to VND 3,890 Bn. +45%y/y. EPS amounts to 2,271 VND and BVPS stood at VND 15,871 as end of 3Q17

·ROAE increased significantly to 15.2% vs. 13.6% in 2Q17 & 12.2% in 4Q16.


Capital: E/A decreases slightly to 9.7% vs. 9.9% in 2Q17 vs. 10.4% in 4Q16 while CAR was stated at 12.5% in 4Q16.


Pivot Questions: MBB a non-SOE bank that has highest CASA (higher than that of VCB & LPB), lowest CoF, top ROA, superior advantages in several niche and/or unrivaled/able market segments, and a ready balance sheet for above industry loan growth.MBB, with the new CEO, has been finally showing a big turn-around in all fronts during the past few quarters. In less than a year view, the high growth momentum should be able to continue. In medium- to longer terms, as low hanging fruits have been realized, pivot questions could be:

·How much room left for assets optimization and NIM expansion? Did NIM just peaked QoQ?

·Could expansions into consumer finance and insurance businesses be the next drivers for earning growth, driven by Non-NII and new leg of NIM increase?

·Timing & impact of the divestments in several subsidiaries?

·Could there be a major downside to assets quality should interest environment rise? Especially with the retail book.

·Update on progress with finding foreign strategic investors.

·How much room left for PB re-rating? We note consensus is likely to revise up meaningfully for 3rd consecutive time this year