Vietnam Maritime Commercial Joint Stock Bank (MSB) has reported stable growth in profit and total operating income for the first six months of 2024.
The bank’s consolidated pre-tax profit reached nearly VND 3,690 billion, marking a 4% increase compared to the same period last year and achieving 54% of the annual profit target. MSB’s individual credit growth was 12.41%, maintaining the upward trend from the previous quarter and ranking among the top in the industry. Customer loans exceeded VND 166,000 billion, driven by diverse and flexible loan products and the bank’s advanced digitalization efforts.
As of June 30, MSB’s total assets were over VND 295,500 billion, up 10.69% from the end of 2023. This growth was supported significantly by a more than 40% increase in investment securities, which amounted to over VND 53,100 billion, with about 66% derived from government bond investments.
Customer deposits and valuable papers increased by 15% and 64% respectively compared to the end of 2023, strengthening the balance sheet. Non-term deposits reached over VND 40,500 billion, a 15.4% increase from the end of last year, stabilizing at VND 40,300 billion in the first quarter.
At the end of the first six months, the CASA ratio in the total mobilized capital structure was 26.71%, slightly down from the previous quarter but still among the highest in the market, mainly due to an increase in term deposits.
MSB’s consolidated total net income (TOI) reached VND 7,031 billion, a 10% increase over the same period in 2023. Net interest income remained the primary contributor at over VND 4,700 billion. The bank’s net profit from foreign exchange trading activities more than doubled compared to the same period in 2023, raising the contribution of non-interest income to over 33.05% of total operating income. This improvement reflects the bank’s efforts to balance operations for sustainable growth.
The positive income growth allowed the bank to reduce its cost-income ratio (CIR) to 30.9%, down from 39.3% at the end of 2023 and 33.6% in the first quarter.
In terms of liquidity and capital, MSB maintained a well-managed capital base. The loan-to-deposit ratio (LDR) was 72.57%, and the ratio of short-term capital for medium- and long-term loans (MTLT) was controlled at 26.1%. The bank’s consolidated capital adequacy ratio (CAR) was 12.
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Source: Vietnam Insider