In 10 months, MB completes 96pct of its 2019 profit plan

08-Nov-2019 Intellasia | VnEconomy | 6:02 AM Print This Post

By the end of the first 10 months of 2019, MB’s individual profit before tax reached over 8 trillion dong, fulfilling 96 percent of the 8.345 trillion dong of the year plan approved by the general Meeting of Shareholders at the end of April this year.

In recent years, MB had many sharp changes, affirming that it was a versatile financial group operating in many fields with a parent bank and six member companies, including MB Securities Joint Stock Company (MBS), MB Investment Fund Management Joint Stock Company (MB Capital), Military Insurance Corporation (MIC), MB Asset Management Company (MBAMC), MB Ageas Life Insurance Company Limited (MBAL) and MB Shinshei Financial Limited Liability Company (Mcredit). Member companies made a significant contribution to the overall results of MB Group, especially the service revenue target.

As of October 31, 2019, MB’s service revenue was over 1.3 trillion dong, an increase of 55 percent over the same period last year. The contribution of service activities to the bank’s total income was increasingly high, accounting for about 13 percent at the end of October 2019, nearly doubling this proportion in 2016.

Besides, foreign exchange activity was also a bright spot in the MB overall picture. By the end of the first 10 months of 2019, the foreign exchange revenue target reached nearly 550 billion dong, increased by 55 percent over the same period last year, marking positive progress of MB.

High growth in service activities in both absolute numbers and proportion proved that MB’s direction was very suitable to the general development trend of the world, and contributed significantly to MB’s profitability.

With this result, some forecasts had estimated that MB could achieve 10 trillion dong in consolidated profit before tax this year. That was also the goal that nearly 16,000 employees of this group were making maximum efforts during the sprint period to celebrate the 25th anniversary of its founding.

Also, on the occasion of MB’s birthday, the bank had launched a new brand identity with a modern, youthful, and customer-oriented logo image showing strong changes in the near future.


Category: Finance, Vietnam

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