MBB – Strong 1H19 results as expected – Earnings Flash
- Strong growth momentum continued but more bad debt raised credit cost.
- In 2Q19, net profit rose 34.0% yoy and 3.4% qoq while loan growth slowed (+11.3% at end-2Q19 vs. 6.7% at end-1Q19).
- MBB’s 6M19 net profit (+29.3% yoy) was in line at 51.8% of our FY19F forecast. We maintain our Add call with a TP of VND34,000.
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Market Price
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Target Price
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Dividend Yield
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Rating
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Sector
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VND22,200
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VND34,000
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2.82%
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ADD
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BANKS
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