AsemconnectVietnam - Vietnam Maritime Commercial Joint Stock Bank (MSB) has just announced its financial report for the third quarter and the first 9 months of 2024 with positive results.

In the first 9 months of the year, MSB recorded a consolidated pre-tax profit of more than VND4,900 billion, completing 72% of the yearly plan. The bank's 9-month business results growth was recorded thanks to net interest income. Accordingly, net interest income reached nearly VND7,105 billion, up 4% over the same period, bringing the consolidated total operating income (TOI) after 9 months to nearly VND9,970 billion. Non-interest income accounted for approximately 29% of total income with contributions from segments such as credit cards, foreign exchange, etc., demonstrating the effectiveness in diversifying revenue sources, aiming to transform banking operations towards a more sustainable direction.
At the end of 9 months, the Bank's total assets recorded more than VND300,700 billion, an increase of nearly 13% compared to the end of 2023. The driving force for the increase in total assets, in addition to credit growth, can be mentioned as the investment securities factor with nearly VND62,300 billion, an increase of 64% compared to December 31, 2023. This investment portfolio is mainly government bonds - an increase of about VND20,000 billion and securities of credit institutions - an increase of about VND5,000 billion.
MSB's individual credit growth increased by more than 15.1% compared to the beginning of the year, higher than the average growth rate of the whole system of 9% by the end of September and an increase of more than 3% compared to the previous quarter.
Customer loans alone as of September 30, 2024 reached over VND170,600 billion, mainly allocated to a number of sectors such as manufacturing processing, machinery manufacturing, export, supporting industry, and high-tech enterprises. Along with that, customer deposits in the third quarter continued the steady increase from previous quarters, raising this index to nearly VND148,500 billion, an increase of more than 12% compared to the beginning of the year. This index was led by individual deposits with VND79,470 billion, an increase of 5% compared to the beginning of the year. The balance of demand deposits (CASA) reached nearly VND36,000 billion. Term deposits increased by nearly 16% from VND97,230 billion on December 31, 2023 to nearly VND112,500 billion at the end of the third quarter. Therefore, the ratio of non-term deposits in total deposits (% CASA) in the third quarter decreased slightly to 24.23%, in line with the market trend when mobilization interest rates showed signs of increasing again. Notably, the bank's capital base is still tightly managed with the credit balance ratio on total mobilized capital (LDR) reaching 74.68%, the ratio of short-term capital for medium and long-term loans (MTLT) is controlled at 29.38%, meeting the requirements of the management agency, while ensuring the balance between profitability and risk management. The consolidated capital adequacy ratio (CAR) continued to be maintained at 12.36%, a relatively high level compared to the minimum requirement of 8% under Basel II.
Asset quality is under control and in line with the bank's debt settlement plan. Thanks to strict risk management measures, MSB's bad debt ratio continued to decrease from 2.13% in the previous quarter to 2.01%. In order to improve asset quality as well as create a solid buffer, the Bank also proactively set aside more than VND1,600 billion in risk provisions, ready to respond to market impacts.
Recently, MSB completed the increase in charter capital to VND26,000 billion through the form of issuing shares to pay dividends at a rate of 30%.
N.Nga
Source: VITIC/Tinnhanhchungkhoan