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Banking & Finance

MB releases 2014 financial report

Released at: 16:12, 01/03/2015

MB releases 2014 financial report

Pre-tax and after-tax profits increase, as do bad debts.

by Hung Nguyen

The consolidated financial report for Q4 2014 of the Military Commercial Joint Stock Bank (MB) puts its bad debts at VND2.86 trillion ($136.19 million), or 2.87 per cent of total loans, higher than the 2.45 per cent reported at the beginning of last year.

Its business performance was still strong, however, with pre-tax profit increasing 33.3 per cent in Q4 to reach VND749 billion ($35.66 million) and after-tax profit increasing 21.6 per cent to VND586 billion ($27.9 million). For the year, pre-tax profit was VND3.17 trillion ($150.95 million) and after-tax profit VND2.5 billion ($119.04 million).

MB set aside than VND2.01 trillion ($95.71 million) in risk provisions, an increase of 6.7 per cent against 2013. This increased sharply in Q4, by nearly 70 per cent over Q4 2013, to VND531 billion ($24.42 million).

As at December 31, 2014, MB's total assets had increased 11 per cent, credit growth 14 per cent, and customer deposits 23 per cent compared to 2013.

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