Military Bank has released the 2010 business report with 2.288 trillion dong in pre-tax profit, growing 52 percent year-on-year; charter capital of 7.3 trillion dong, up 38 percent, and a yearly growth of more than 60 percent in total assets, total deposits and total outstanding loans; and a bad debt ratio of 1.26 percent.
Such a big pre-tax profit of MB came from interbank operations that brought in 411.6 billion dong in profit last year; while investments resulted in earnings of 128 billion dong to MB (66.3 percent of 4.262 trillion dong in its investment portfolio was long-term investments); services income accounted for 32 percent of MB’s profit, and CAR was estimated at 11.6 percent. Last year MB started to build up a strategy with Singaporean consultant McKinsey.
This year, according to the State Bank of Vietnam’s regulations and the government’s Decree 11, MB targets to achieve total assets of 152 trillion dong (+ 32 percent year-on-year), charter capital of 10 trillion dong (+37 percent), total deposits of 115 trillion dong (+20 percent), total outstanding loans of 58 trillion dong (+14 percent) and a non-performing loan ratio of less than 1.9 percent.
Also, the bank plans to reach 2.915 trillion dong in pre-tax profit in 2011, up 24 percent against one year earlier.
Member companies of the bank also released the business reports of 2010:
Thang Long Securities Joint Stock Co (TLS): Last year it gained pre-tax profit of 48.6 billion dong.
MB Capital: The company last year succeeded in raising capital for two funds MB Japan Asia Fund and Vietnam Dream Fund. It earned 30.4 billion dong in pre-tax profit. In 2011, it targets to increase funds and investment portfolio under its management by 25-35 percent. Its dividend is expected to be at 15-20 percent in cash this year.
MB Asset Management Company (MBAMC): In 2010, it achieved pre-tax profit of almost 86 billion dong, exceeding 13 percent against that year’s plan.
MBLand: It posted total pre-tax profit of 17.4 billion dong. This year the firm will focus on investing in key projects such as MBLand Tower, Golden Palace and An Phuoc-Thung Lung Xanh urban area.