•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
MSB reported net profit of about VND 1.89 trillion in Q1 2026, up roughly 16% from the same period in 2025. At the bank’s 2026 annual general meeting, management spent significant time responding to shareholder questions on dividend policy, investment strategy, bad-debt handling, and the business outlook.
On dividends, CEO Nguyen Hoang Linh said that recent stock trading shows liquidity is fairly good and the share price has approached book value. He noted that, on average, the bank pays dividends at around 20% each year.
Management said that, given the stock’s liquidity characteristics, paying dividends in shares is expected to bring higher economic benefits than cash dividends. At the same time, MSB needs to continue reinforcing charter capital to support expansion plans, including investing in subsidiaries and potentially opening more branches in financial centers such as Da Nang and Ho Chi Minh City.
After the upcoming dividend distribution, the bank expects charter capital to approach nearly VND 40,000 billion, providing a basis for long-term growth.
Regarding the plan to divest from TNEX, the CEO said that after working with strategic advisory units, MSB decided not to divest in the medium term. By end-2025, the bank had completed an additional capital contribution to TNEX of VND 1,000 billion. Management said TNEX’s operations are gradually becoming effective and delivering positive benefits.
Over the long term (about 5–7 years), MSB expects to value TNEX at between USD 1–2 billion, based on the technology platform, customer scale, and profitability of the consumer finance segment. The bank also plans to expand TNEX’s functionality to enhance future value.
On bad debt management, MSB said it continues to monitor and recover bad loans using internal resources. The bank applies early-warning systems and loan loss provisioning regularly on a weekly and monthly basis.
By end of Q1 2026, the NPL ratio stood at around 1.7%, lower than 1.82% at end-2025. Management also said it controls risk groups and proactively builds provisions, with about VND 1.7–1.8 trillion in 2024 and about VND 1.3 trillion in 2025.
Management added that early provisioning creates room to improve profits in the future when bad debts are collected, and that the bank maintains a cautious risk appetite that is more prudent than the market.
By end of Q1 2026, MSB reported total assets of about VND 412.9 trillion. Consolidated credit growth (MSB and TNEX) was 3.81% versus the limit set by the State Bank of Vietnam.
In response to the sharp rise in interbank rates earlier this year (nearly 20%), MSB said its loan-to-deposit ratio remains favorable and funding from the primary market remains abundant, so the bank is not dependent on the interbank market. As a result, rate movements have not significantly affected net interest margin in the primary market.
Management said that in 2025, the bank restructured its investment portfolio in Market 2, limiting the impact of rate movements. However, with the State Bank’s instruction to reduce lending rates and funding costs remaining high, the sector faces ongoing pressure on net interest margin. With CASA around 26–27%, MSB said it continues to manage funding costs effectively to curb negative effects.
On expansion into securities and asset management, MSB outlined a strategy to become a comprehensive financial group serving both individual and corporate clients, especially premium customers. Management said restoring the ecosystem—including a securities company, asset management company, insurance company, and consumer finance company—is necessary.
MSB said it previously owned these units, underwent a strategic realignment, and is now returning to complete the model. Management also cited its scale, with more than 8 million customers, as a key advantage for developing new business lines, particularly in securities. It added that asset management will be important for serving high-net-worth clients.
On stock performance, management said liquidity has improved and the share price is approaching book value. Management also noted that some domestic and international funds have started participating, suggesting the stock is being priced more accurately by the market.
Looking ahead, management said that with core operations, investment in technology, headquarters, risk governance, and asset quality, the bank’s value should be fully reflected in the market. Shareholders were encouraged to continue supporting MSB as a long-term investment with good liquidity.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
