Military Bank reports performance

Thursday, May 8, 2008
Established in 1994 with the headquarters located at No3 Lieu Giai Street in Hanoi's Ba Dinh District, after 14 years of operation, so far Military Commercial Joint Stock Bank (MB) has launched 72 transaction offices and built cooperation relationship with over 800 banks' agents worldwide. Up to the end of 2007, the bank's chartered capital was raised to two trillion dong that could be 3.4 trillion dong within this year.
International payment sector is considered the bank's strength. In addition, MB also provides and meets demands of international payment services to four financial institutions namely Saigon Hanoi Commercial Joint Stock Bank (SHB), Petrolimex Gasoline Commercial Joint Stock Bank (PG Bank), the Shipbuilding Industrial Financial Co (VFC) under the Vietnam Shipbuilding Industrial Corp (Vinashin) and PetroVietnam Finance Joint Stock Corp (PVFC).
Ending the first quarter of this year, MB's international payment turnover reached nearly US$700 million that could be between US$2.5 billion and US$3 billion for this whole year.

The year 2007 was regarded as a strong growth year of the bank with 31 trillion dong in total asset, exceeding 30% of the year's plan, 23.01 trillion dong in total deposits, exceeding 40% of the year's target, 10.915 trillion dong in total outstanding debt, 610 billion dong form pre tax profit, nearly two fold against 2006 and the bad debt rate decreased 40% from 2006.

This year, MB targets to expand its network to at least 100 transaction sites and its total asset could be 47 trillion dong including its subsidiaries.

At present, MB is pursuing the development strategy of becoming a multipurpose banking group via establishing and running member companies like Thang Long Securities Co (TSC), Hanoi Investment Fund Management Co (HFM) and Asset Management Co (AMC).