Slides
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Update Business Results Q3.2025 MB Bank October, 2025 Document is prepared by MBGroup
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1 CONTENTS 1 Brief introduction 2 Q3.2025 market context 3 Q3.2025 results of MB group 4 Key performance highlights in Q3.2025 5 MB financial information 6 Share price performance
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CHAPTER 1 MB BRIEF INTRODUCTION
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3 Milestones, Awards and Ratings Awards MBB always receive high ratings by international rating agencies. 2024 BB (stable) Ba3 (stable) 2023 BB- (stable) Ba3 (stable) 2022 BB- (stable) Ba3 (stable) 2021 B+ (stable) Ba3 (stable) 2020 B+ (negative) Ba3 (negative) Key milestones 2010 2011 2016 2019 2020 2022 •Opening first overseas branch in Laos •Listed in HOSE •Opening first branch in Cambodia •Launching MB Ageas Life and M-Credit •Rebranding •Reaching 10 trillions VND in PBT •Top download App in Vietnam ▪ Asia Pacific Enterprise Awards - APEA in 2025 ▪ Top 50 best listed companies in 2025 by Forbes ▪ Asia Pacific Enterprise 2024 ▪ Best FX provider in Vietnam 2025 by Asian Banker ▪ Top 2 strongest banking brand by Brand Finance ▪ Top 50 most valuable brand in Vietnam by Brand Finance ▪ Best of the best private banking by Robb Report •20 millions customers •The PBT $1 billion 1994 •Establisted on Nov 4 1994 2024 •30 millions customers Ratings MB 2Q25 Rank Asset 1,329 Top 4 TOI 48,1 Top 4 PBT 23,1 Top 4 ROE 20% Top 1 Market Cap ~196 Top 6 Unit: trillion VND Highlights 3
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CHAPTER 2 ECONOMIC CONTEXT
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Market Context in Q3.2025 GDP (yoy %) CPI (%) Macroeconomics: • GDP Q3.25 increases by 8.2% (industrial sector accounts for 37%, increases by 9.5%). • CPI in September increases 0.4% mom, and increases 3.4% yoy. CPI 9M25 increased 3.3% yoy, in line with the target of National Assembly. • Exports 9M25 reaches USD 349 bil increases by 16% yoy, imports reaches USD 332 bil increases by 19% yoy. • Social investment capital increases by 11.6% yoy. • Disbursed FDI reaches USD 18.8 bil, increase by 8.5% yoy. Banking market development: • Credit grows at 13.4% (same period 2024: 9.0%) • Deposit grows at 9.7% (same period 2024: 4.2%) • The exchange rate increases by 3.2% compared to the beginning of the year. Exchange rates are still under pressure from the international market. 4,1 Q1.22 5,9 Q2.22 7,4 Q4.23 Q3.22 Q2.23 Q4.22 Q1.23 Q3.23 Q1.24 6,9 Q2.24 Q3.24 Q4.24 Q1.25 7,7 7,6 Q2.25 5,0 5,6 13,7 3,3 8,0 5,3 6,7 6,9 Q3.25 8,2 Challenges: • The risk of NPL and asset quality due to trade war and tariffs. • Price competition and pressure on NIM. 5 Source: GSO -10% -5% 0% 5% 10% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6/19 9/19 12/19 03/20 06/20 09/20 12/20 03/21 06/21 09/21 12/21 3/22 6/22 9/22 12/22 03/23 06/23 09/23 12/23 03/24 06/24 09/24 12/24 03/25 06/25 09/25 CPI mom (LHS) CPI yoy (RHS)
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CHAPTER 3 RESULTS OF MB GROUP
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• TOI reached VND 48.2 trillion, up 24% year-on-year (YoY). • NII increases by 23.5%, NFI increases by 40.5%, accounts for 77% and 9% respectively of TOI. TOI PBT ROE CASA NPL CAR 3Q2025 Highlights: A positive growth rate 24% 11.6% FY4:21% FY24: 39.3% FY24: 1.6% 48,165 bn 23,139 bn 20% 37% 1.9% 11.7% • Pre-provision profit increases by 28.1% and the PBT increase 12% yoy because of the growth of TOI (24%) and Provision expense (+82%). • With ROE at 20% and ROA at 2.0%, MB maintains position among the most efficient bank in the industry. • CASA ratio is 37.0%. • TOP 1 in term of percentage and volume among JSCBs. • CAR ratio (Cir.41) reaches 11.7%, in line with the bank's strategy in balancing profitability and risk. • NPL ratio is 1.9% of the group and 1.7% for the bank only. • NPL will continue to be strictly managed in 2025 with the target of NPL below 2%. 7
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Structure of TOI and PBT of Group 3Q2025 +/- yoy • TOT increased by 24%, PBT grows impressively at 12% comparing with the same period, when the bank made generous provisions (+82%) to protect against difficult times, it reflects positively on the profitability of assets. • Affiliates are on track and effective following the strategy of the bank. Unit: VND Billion 24% 41% -1% -32% 80% 24% 82% 14% 12% ~91% Bank ~9% Affiliates 8 37,055 NII 4,478 NFI 1,497 F/X 1,356 Financial Asset 3,780 Others TOI 11,574 Provision Expense 13,452 Operating expense PBT 48,165 23,139
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CHAPTER 4 MB KEY PERFORMANCE
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Revenue grows at 24% comparing with the same period Unit: Billion VND NIM (%) NII/TOI (%) 2021 41.458 4.135 2022 43.221 4.085 2023 51.045 4.368 2024 3Q2024 3Q2025 23.786 3.576 2020 32.567 4.367 27.362 36.934 45.593 47.306 55.413 38.850 3.187 35.663 48.165 4.478 43.687 +19% +24% 10 TOI NFI 5.0 5.1 5.7 4.9 4.2 4.2 4.1 74 71 79 82 74 77 75 Source: Consolidated Financial Statement
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Details of revenue components 38.850 3Q2024 48.165 3Q2025 +24% TOI 30.010 3Q2024 37.055 3Q2025 +23% 3.187 3Q2024 4.478 3Q2025 +40% 3Q2024 1.497 3Q2025 1.516 -1% 5.652 3Q2024 6.633 3Q2025 +17% NII NFI Others 2.029 3Q2024 1.356 3Q2025 -33% 2.108 3Q2024 3.780 3Q2025 +79% FX and Derivatives Securities and Investments Other income Interest Expense 50.610 3Q2024 62.955 3Q2025 +24% 20.600 3Q2024 25.901 3Q2025 +26% Interest Income Unit: VND Billion 11 TOI increases 24% maintaining strong growth momentum over the same period. NII grows 23% comparing with the same period thank to strong credit growth and improving lending rate. NFI grows strongly at 40%. Source: Consolidated Financial Statement
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3.187 3Q2024 4.478 3Q2025 +40% 2.382 3Q2024 2.929 3Q2025 +23% 5.990 3Q2024 6.590 3Q2025 +10% 233 3Q2024 612 3Q2025 +163% 1.585 3Q2024 2.246 3Q2025 29% 373 3Q2024 382 3Q2025 +2% 979 3Q2024 1.252 3Q2025 +28% 497 3Q2024 695 3Q2025 +40% Fee structure Unit: Billion VND Settlement and Cash Services Insurance services Others Advisory services Debt settlement, appraisal and asset management Others Securities brokerage services NFI 12 NFI increases by 40% thank to strong growth of advisory, insurance services, settlement and cash services and brokerage. Source: Consolidated Financial Statement
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Earning asset mix (VND tril) Optimize asset yields and COF 177 63 37 674 Q2.24 184 70 35 702 Q3.24 207 72 34 777 Q4.24 223 68 145 3166 798 Q1.25 268 67 30 37 880 Q2.25 863 615 991 1.089 1.119 1.245 Q3.25 950 931 2866 257 Q1.24 1.282 Others Goverment bond Corporate bond Customer loan 619 Q2.24 53 119 120 628 Q3.24 58 110 129 714 Q4.24 55 55 83 109 102 147 723 Q1.25 77 559 131 Q1.24 170 783 Q2.25 62 884 919 1.012 1.033 1.162 Q3.25 799 788 172 154 82 104 99 1.195 Others Deposits and borrowings from other CIs Valuable papers Customer deposit Funding mix (VND tril) 8,2 Q1.24 7,7 Q2.24 7,3 Q3.24 7,1 Q4.24 7,0 Q1.25 6,9 Q2.25 Q3.25 6,9 4,2 Q1.24 3,8 Q2.24 3,5 Q3.24 3,3 Q4.24 3,1 Q1.25 3,2 Q2.25 Q3.25 3,2 4,5 Q1.24 4,4 Q2.24 4,2 Q3.24 4,2 Q4.24 4,2 Q1.25 4,1 Q2.25 Q3.25 4,1 Asset yield (%) Cost of Fund (%) NIM (%) YTD -8% -16% 20% 24% 10% 33% 40% 39% 18% 18% YTD 13Source: Consolidated Financial Statement
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YTD -17.6% 23.1% 15.4% Credit grows positively, +18.5% ytd Loan mix by terms (excluding Corp Bond) VND trillion VND trillion Loan mix by segments (including Corp Bond) 321 294 Q1.24 363 311 Q2.24 375 327 Q3.24 424 352 Q4.24 449 349 Q1.25 496 384 Q2.25 615 674 702 777 798 880 Q3.25 931 415 516 Short term loan Medium and long term loan YTD 19.8% 21.7% 17.9% 279 295 305 337 347 380 389 440 450 500 542 30 28 37 Q1.24 9,1 37 Q2.24 8,5 35 Q3.24 8,2 34 Q4.24 8,0 31 Q2.25 652 711 736 810 829 910 Q3.25 7,9 959 7,9 Q1.25 336 378 396 9,8 Loan yield Corporate bond Corporate loan Retail 18.3% Retail credit increases by 15.4% and lending to corporate customers increases by 23.1% compared to the beginning of the year. The bank proactively focuses on medium and long term lending in Q3 to improve lending rate and protect NIM accordingly. 14Source: Consolidated Financial Statement
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YTD 10.4% 14.8% 3.6% Deposit Deposit mix by type VND trillion VND trillionDeposit by term and deposit rate 209 350 Q1.24 245 373 Q2.24 235 393 Q3.24 294 421 Q4.24 266 456 Q1.25 311 472 Q2.25 559 619 628 714 723 783 Q3.25 788 476 312 Corporate Retail YTD 10.4% 6.1% 13.0% 354 205 Q1.24 3,4 380 239 Q2.24 3,1 398 229 Q3.24 2,9 433 281 Q4.24 2,9 463 3,8 Q1.25 3,0 486 297 Q2.25 559 619 628 714 723 783 Q3.25 3,0 788 291 497 259 Average cost of customer deposit Term deposit CASA CASA (%) The CASA increases by 10 trillion VND compared to the 2024. The deposit mix witnesses the consistent increase of retail book. 15Source: Consolidated Financial Statement 36.6 38.6 36.5 39.3 35.9 37.9 37.0
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CIR is on a downtrend 2,7 6,0 2020 34% 0,4 2,2 3,1 6,7 2021 33% 0,5 2,6 3,6 8,2 2022 32% 0,6 2,8 3,5 8,0 2023 31% 0,7 3,2 3,7 9,4 2024 30% 0,5 2,3 39% 2,4 6,6 3Q2024 28% 0,6 0,31,6 2,5 8,3 3Q2025 10,6 2,1 14,8 14,9 17,0 11,8 13,5 12,4 yoy (%) 9 17 20 1 14 7 14 Total staff 14.852 15.910 16.136 16.324 18.639 17.683 18.888 Average income/ Staff (VND mil) 404 422 505 490 503 479 585 Unit: VND Trillion CIR Others Asset expense Operating & service mgt expenses Staff expenses YOY 25% -9% 4% 26% 16Source: Consolidated Financial Statement Cost and CIR are managed effectively CIR decreases from 31% at the end of 2024 to 30% in Q2 and 28% in Q3 2025
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Provision expenses and NPL 4.573 1Q24 1,2% 6.173 5.041 2Q24 1,0% 5.547 5.239 3Q24 1,7% 5.814 5.796 4Q24 1,5% 5.092 1,8% 1Q25 2,3% 5.974 6.575 2Q25 12.244 11.215 10.787 7.672 11.610 11.050 12.548 3Q25 1,7% 13.800 6.962 6.837 5.958 Credit cost Specific provision General provision 80 102 69 92 75 89 80 2,5 1Q24 1,6 2Q24 2,2 3Q24 1,6 4Q24 1,8 1Q25 1,6 2Q25 3Q25 1,9 LCR (%) NPLs (%) NPLs and LCR Credit cost and provision • NPL ratio is controlled at 1.9% the group and 1.7% for the bank only. NPL will be strictly controlled in 2025 to meet the target of 1.5 (for the bank) and 1.7% (for the group) by the year end. • LCR is at 80% and targeted about 100% at the year end by improving collection and ensuring lending quality. 17Source: Consolidated Financial Reports of MB Unit: Billion VND
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Governance: Capital and CAR ratio The CAR ratio (Circular 41) of the bank only in Q3.2025 is 11.7% and the total asset/equity leverage ratio is to 10.0 93% of the capital base is tier 1, as a result, the bank maintain a large room for tier 2. These element will support the bank capital strategy when more capital is needed. 9,8 2021 1,5 9,7 Q2.22 1,5 10,0 2022 1,4 9,9 Q2.23 0,7 10,0 2023 0,9 10,2 1,5 0,9 10,8 2024 0,9 10,8 Q3.25 Tier 2 Tier 1 11,3 11,2 11,5 11,3 10,7 11,1 11,7 11,7 Q2.24 Tier 1 + Tier 2 12% 30% 51% Q1.24 7% 15% 28% 51% Q2.24 7% 14% 31% 48% Q3.24 7% 13% 35% 45% Q4.24 7% 12% 32% 49% Q1.25 7% 16% 30% 48% Q2.25 101 104 7% 117 124 128 Q3.25 110 61% 18% 15% 7% 133 Others Reserves Retained profits Charter capital Owner’s Equity Structure (VND tril) 18 Equity (trillion) 62.5 70.9 79.6 86.1 96.7 104.2 117.1 133.0 Leverage ratio 9.7 9.3 9.2 9.4 9.8 9.5 9.6 10.0 LDR (%) 76.5 81.9 81.2 81.1 80.9 80.0 83.5 ST funding to MLT loans (%) 26.1 27.9 28.2 26.9 25.2 26.8 26.7 Source: Consolidated Financial Reports of MB
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CHAPTER 5 MB FINANCIAL INFORMATION
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Q3.2025 results: Balance Sheet 2021 Change (%) 2022 Change (%) 2023 Change (%) 2024 Change (%) 3Q.2025 Change (%)(VND bn) (VND bn) (VND bn) (VND bn) (VND bn) Assets Cash 3,475 11.8 3,744 7.7 3,675 -1.8 3,349 -9 4,421 32 Balance with the SBV 38,051 120.0 39,654 4.2 66,322 67.2 29,825 -55 17,507 -41 Interbank Assets 35,983 (24.9) 32,937 -8.5 46,343 40 76,785 66 108,325 41 Trading Securities 7,575 145.5 4,105 -45.8 44,250 97 7,931 -82 3,172 -60 Customer Loans 354,797 20.7 448,598 26.4 599,579 33.6 765,047 28 917,699 19 Investment Securities 128,806 29.2 159,580 23.9 147,923 -7.3 209,637 42 235,604 12 Long Term Investment 803 (9.3) 625 -22.2 616 -1.4 609 -1 1,112 82 Fixed Assets 4,947 8.5 5,309 7.3 5,059 -4.7 5,430 7 5,121 -5 Other Assets 32,700 33.5 33,980 3.9 29,218 -14 28,998 -1 32,903 13 Total Assets 607,140 22.7 728,532 20.0 944,954 29.7 1,128,801 19.5 1,328,560 18 Liabilities & Equities Borrowing from SBV 262 1,605.0 32 -87.8 9 -23 8,156 90522 23,155 183 Interbank Liabilities 59,560 17.1 65,116 9.3 99,810 53.3 110,169 10 154,325 40 Customer Deposits 384,692 23.7 443,605 15.3 567,532 27.9 714,154 26 788,030 10 Other Funding 1,999 864.0 2,002 0.2 2,799 39.8 2,793 0 4,049 45 Valuable Papers 66,887 31.3 96,578 44.4 126,463 30.9 128,964 2 171,611 33 Other Liabilities 31,254 (2.0) 41,584 33.1 51,628 35.5 47,312 -8 53,071 12 Equity 62,486 24.7 79,613 27.4 96,711 24.1 117,059 21 133,090 13 Liabilities & Equities 607,140 22.7 728,532 20.0 944,954 29.7 1,128,801 19.5 1,328,560 18 20
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Q3.2025 results: Income Statement Unit: VND billions 2021 Change (%) 2022 Change (%) 2023 Change (%) 2024 Change (%) 9M2025 Change (%)(VND bn) (VND bn) (VND bn) (VND bn) (VND bn) Loan Income 28,763 18.0 39,208 36.3 53,081 43.3 54,446 2.5 49,741 25 Bond Income 6,782 12.9 9,053 33.5 12,509 49.9 10,116 -19 9,128 25 Interbank Income 408 (0.8) 1,336 227.5 1,123 0.8 1,942 72 1,823 21 Interest Expense (12,265) (1.8) (16,462) 34.2 (30,459) 85 (27,909) (8) (25,900) 26 Net Interest Income 26,200 29.2 36,023 37.5 38,684 7.4 41,152 6 37,055 24 Net Fee Income 4,367 22.1 4,135 -5.3 4,085 -1.2 4,368 7 4,477 40 Other Income 6,367 81.5 5,434 -14.7 4,536 -16.59 14,261 65 6,633 17 Operating Income 36,934 35.0 45,593 23.4 47,306 3.7 55,413 17 48,165 24 Operating Expense (12,377) 17.3 (14,815) 19.7 (14,913) 0.6 (17,007) 7 (13,452) 14 Pre-Provision Profits 24,557 46.1 30,777 25.3 32,393 5.2 38,405 14 34,713 28 Provisions (8,030) 31.2 (8,048) 0.2 (6,087) -0.2 (9,576) 57 (11,574) 82 Profit Before Tax 16,527 54.9 22,729 37.5 26,306 15.7 28,829 10 23,139 12 Tax (3,306) 58.8 (4,574) 38.4 (5,252) 14.8 (5,878) 12 (4,659) 12 Net Profit 13,221 53.6 18,155 37.3 21,054 15.9 22,951 9 18,480 10 21
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• MB's Total consolidated assets increases by 18% compared to the end of 2024 with the asset structure continuing to shift to customer loans (67% of total asset). • Loans to customers and corporate bonds grow by 18.5% compared to the end of 2024. • Customer mobilization including valuable papers increases by 13.8% compared to the end of 2024. • NPL ratio is at 1.9% by consolidation and 1.7% of bank only. NPL will continue to be strictly managed in 2025. • The CAR ratio (Cir.41) reaches 11.7%, in line with the bank's strategy in balancing profitability and risks. 9M2025 results: Financial Ratios 2020 2021 2022 2023 2024 9M2025 Profitability Pre Provision PBT (bn VND) 16,807 24,557 30,777 32,393 38,405 34,713 PBT (bn VND) 10,668 16,527 22,729 26,306 28,829 23,139 CIR 38.6 33.5 32.5 31.5 30.7 27.9 NIM 4.8 5.1 5.8 4.9 4.2 4.1 ROE 19.1 23.5 25.6 23.9 21.2 19.8 ROA 1.9 2.4 2.7 2.5 2.3 2.0 Asset Growth Credit Growth - ytd 22.9 24.5 24.8 27.9 24.8 18.5 Deposit Growth - ytd 21.0 24.8 19.6 28.5 21.5 13.8 Asset Quality NPL Ratio 1.1 0.9 1.1 1.6 1.6 1.9 Credit Cost 2.3 2.4 1.9 1.1 1.4 1.7 Provision Reserve/ NPLs 134.1 268 238 117 92 80 Provision Reserve/ Loans 1.5 2.4 2.6 1.9 1.5 1.5 CAR 10.4 11.3 11.4 10.7 11.7 11.7 22
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CHAPTER 6 SHARE PRICE MOVEMENT
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MBB Share Price Performance Ticker: MBB VN Foreign Owned: 23.2% Price: VND 24,000 (28/10/2025) Foreign Room: 0% (full room) No of shares outstanding: 8,055 million Market Cap: 7.1 billion USD 24 Stock price performance (01/2017-10/2025)
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Regression analysis: P/B and ROE (28/10/2025) MBB has an attractive valuation compared to its competitors when P/B is only 1.6 while the industry average is 1.7 MBB Share Price Performance y = 0.01x + 0.86 R² = 78% 25 0 6 12 18 24 30 3,0 2,0 0,5 0,0 1,5 1,0 2,5 3,5 4,0 TCB ROE (%) MBB P/B CTG BIDV VPB VCB ACB STB
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Note DISCLAIMER: • This document is prepared for meetings between MB and investors based on publicly available information and MB does not assume any responsibility on the accuracy of the information. • Information in this document is for reference only, changes on any comments and forecasts can be made without prior notification when there are any fluctuations affecting the economy, banking sector and MB. • MB do not assumed any responsibility, express or implied, for the accuracy, truthfulness of the information, forecasts, or comments contained in Presentation. MB do not assume any responsibility, liability for any errors, omissions, misstatements contained in this Presentation. • Using information from this presentation to make investment decision on MBB shares is not MB’s responsibility. Individual/Institutional investors bear full responsibility on verification and usage of information and their investment decisions. • This document is property of MB. This Presentation can’t be copied, changed or reproduced, published or redistributed by any Individual/ Institutional without MB consent. • For further information, kindly contact: BOD Office MB Head quarter, 18 Le Van Luong, Cau Giay, Hanoi Email: IR@mbbank.com.vn 26
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