MSB posts profit before tax of VND 5,787 billion in 2022

For the full year 2022, total net income was approximately VND 10,700 billion, of which VND 8,300 billion coming from net interest income – up 34% year over year.

Amidst rising interest rate environment, Vietnam Maritime Commercial Joint Stock Bank (HOSE: MSB) reported a stable growth rate with net interest margin (NIM) at 4.5%. The bank also continued its focus on strengthening safety indicators with CAR ratio increasing to 12.33%, while non-performing loan (NPL) ratio (according to Circular 11 of SBV) maintained at 1.21%.

As of December 31, 2022, MSB’s total assets reached over VND 213,000 billion, an increase of approximately 5% over the prior year. In which, customer loans accounted for more than VND 119,000 billion, up more than 19% from 2021. Customer deposit reached over VND 117,000 billion, a 24% year-on-year increase.

For the full year 2022, total net income was approximately VND 10,700 billion, of which VND 8,300 billion coming from net interest income – up 34% year over year. Foreign exchange trading activity recorded spectacular growth at VND 1,000 billion, a 2.6 times increase from 2021.

Profit before tax of the bank reached more than VND 5,787 billion, increasing 14% from 2021. MSB representative said, “Despite the growth of consolidated net interest income, overall profit trended only slightly higher due to credit growth adjustment at 16.35%, in line with market development but lower than expectation. In the challenging interest rate environment in both domestic and international markets, banking activities in 2022 focused on stabilizing business, liquidity and ensuring the best support for customers”.

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Together with credit growth, MSB continued its focus on operational safety indicators. The loan-to-deposit ratio (LDR) was maintained at 68.77% (versus the limit of 85% required by SBV), while MTLT ratio of the bank was controlled at 23.57% (compared to the requirement of 37%). The consolidated capital adequacy ratio (CAR) reached 12.33% while total assets expanded. The non-performing loans ratio (NPL) according to Circular 11 of SBV remained at 1.21%.

In the fourth quarter 2022, MSB continued its long-term vision with the establishment of the Sustainable Development Committee, with members coming from its highest leadership and members of BOD. The bank also issued a sustainable development statement to join hands with the Government to implement the Prime Minister’s commitment on bringing Vietnam to net zero emissions by 2050. MSB is fully committed to promoting the growth of green credit, standardizing activities, transforming its business model to become a responsible bank in the process of achieving the global sustainable development goals.

Founded in 1991, after 31 years of development, MSB has constantly risen and created many important milestones in the banking and finance industry. MSB has over 260 branches and trading offices nationwide and relationship with more than 500 correspondent banks in 70 countries and territories. With 5,000 employees, the bank is serving nearly 4 million retail and 70,000 corporate customers. With the slogan “On Real Growth”, MSB has continued to create, design and launch convenient products and services that bring high value to customers.

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