MBB Bank Plans 10% Cash Dividend, Charter Capital to Exceed VND 102 Trillion

Overview

Military Commercial Joint Stock Bank (MBB) held its 2026 Annual General Meeting on April 18, approving a 10% cash dividend for 2025 and a comprehensive capital increase plan to lift charter capital above VND 102 trillion. The bank also set a 2026 pre-tax profit target of over VND 39,400 billion, representing 15% growth, with total assets expected to surpass VND 2 million billion.

Key Facts

• MBB approved a 10% cash dividend for 2025, totaling VND 8,055 billion.
• Charter capital to increase from VND 80,550 billion to a maximum of VND 102,687 billion (up VND 22,137 billion).
• Capital increase includes: 15% stock dividend (VND 12,082 billion), 10% rights issue at VND 10,000/share (VND 8,055 billion), and private placement of up to 200 million shares (VND 2,000 billion).
• 2026 pre-tax profit target: over VND 39,400 billion, up 15% from 2025.
• 2025 pre-tax profit reached VND 34,268 billion, up 18.9% year-on-year and exceeding plan by 8.9%.
• Total assets in 2025 exceeded VND 1.6 million billion, growing 43.1%.
• 2026 targets: total assets +28%, deposits +30%, credit +30%, NPL ratio below 1.5%, ROE 20-21%, ROA 2%, CIR below 28%.

What Happened

At its annual general meeting on April 18, 2026, MBB shareholders approved a 10% cash dividend for the 2025 fiscal year, using VND 8,055 billion from retained earnings. Combined with a 15% stock dividend, total dividend payout reaches 25%, or VND 20,137 billion.

The bank also outlined a three-part capital increase plan: issuing shares for stock dividend (15%), a rights offering to existing shareholders (10% at VND 10,000 per share), and a private placement of up to 200 million shares. The rights issue shares are freely transferable, while the private placement price will be set at no less than the latest book value per share.

For 2026, MBB targets pre-tax profit of over VND 39,400 billion, a 15% increase, with total assets expected to reach VND 2 million billion, up 28%. The bank aims to maintain asset quality with NPLs under 1.5% and improve efficiency with ROE of 20-21% and CIR below 28%.

Market Context

MBB shares closed at VND 27,000 on April 15, 2026, down 0.37% with volume of 11 million shares. The stock trades on HOSE. MBB is among Vietnam’s top five banks by assets, having led the Big5 in asset growth in 2025 at 43.1%. The capital increase plan, if fully executed, would make MBB one of the best-capitalized banks in Vietnam, supporting its aggressive growth targets.

Strategic Significance

The capital increase strengthens MBB’s balance sheet to support a 30% credit growth target in 2026, well above the industry average. The cash dividend signals confidence in earnings quality, while the rights issue and private placement aim to raise fresh equity without diluting existing shareholders excessively. The bank’s focus on maintaining ROE above 20% suggests disciplined capital allocation. The plan aligns with MBB’s strategy to scale up and compete with larger state-owned banks.

What to Watch

• Approval from the State Bank of Vietnam for the capital increase plan.
• Execution timeline for the rights issue and private placement, including pricing.
• Q1 2026 earnings release to gauge profit momentum toward the 15% target.
• Credit growth data and NPL trends in the coming quarters.
• Any updates on the private placement investor(s) and strategic partnerships.