MB Performance Report: Cost management is more effective in the first 9 months of 2021
Military Commercial Joint Stock Bank (MB) has announced its separated financial performance for the third quarter and of the first 9 months of 2021.
Increasingly effective cost management is the bright spot of MB’s financial picture of the first 9 months of 2021. More specifically, while total operating income in the third quarter of 2021 reached VND 7,027 billion, up 27.6% compared to the same period last year, total operating costs in the third quarter of 2021 reached VND 2,177 billion, decreasing by 1.1% compared the same period last year.
Related: Vietnam report: MB in top 4 Vietnam’s most prestigious commercial banks
As of September 30, 2021, MB’s total assets reached VND 531,469 billion, up 11.2% compared to the beginning of the year. In the context of the COVID-19 pandemic, MB continues its efforts to accelerate credit growth in accordance with the regulations and directions of the Government and the State Bank of Vietnam. In addition, MB has implemented a strict risk management strategy with provision for credit risks spent in the third quarter of 2021 being VND 1,382 billion. The total provision for credit risks as of September 30, 2021 is VND 4,804 billion.
With the main driver of MB’s growth being digital banking products and services, MB witnesses an increase in Current Account Savings Accounts (CASA). The scale of CASA increased by VND 34,557 billion compared to the same period last year; the CASA ratio in the first 9 months of 2021 reached 37.1%, up 2.3% compared to the same period last year.
The increase in CASA is one of the important factors that facilitate MB to save capital mobilization costs, improve the efficiency of credit operations, allowing it to implement several programs and solutions to help businesses and customers overcome difficulties caused by the pandemic.
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