MB Bank (MBB) AGM Approves 10% Cash Dividend, 15% Stock Dividend, Capital Hike

Overview

MB Bank (MBB) held its 2026 Annual General Meeting (AGM) on April 18, approving a 10% cash dividend and a 15% stock dividend for 2025. The bank also set a 15% pre-tax profit growth target for 2026 and outlined a plan to raise charter capital from VND 80.55 trillion to VND 102.69 trillion. The AGM saw lower attendance compared to the previous year, with over 2,000 shareholders present.

Key Facts

• MB Bank (MBB) approved a 10% cash dividend and a 15% stock dividend from 2025 net profit.
• Pre-tax profit target for 2026 is VND 39.4 trillion, up 15% from 2025’s VND 34.27 trillion.
• Total assets are expected to grow 28% in 2026, surpassing VND 2 quadrillion.
• Charter capital to increase from VND 80.55 trillion to up to VND 102.69 trillion.
• Capital increase includes: 15% stock dividend (VND 12.08 trillion), 10% rights issue at VND 10,000/share (VND 8.06 trillion), and private placement of up to 200 million shares (VND 2 trillion).
• 2025 pre-tax profit reached VND 34.27 trillion, up 18.9% YoY and exceeding the plan by 8.9%.
• Total assets at end-2025 stood at over VND 1.6 quadrillion, up 43.1%.

What Happened

MB Bank held its 2026 AGM on April 18 at the National Convention Center in Hanoi. Chairman Luu Trung Thai addressed shareholder questions regarding the dividend plan and capital increase. The bank reported that over 2,000 shareholders attended, a sharp decline from 4,700 in 2025, partly due to the removal of travel and lunch subsidies (previously VND 500,000 per person).

Shareholders approved the 2026 business plan, targeting pre-tax profit of over VND 39.4 trillion (up 15%), total asset growth of 28%, and credit growth of about 30%. The bank also outlined a three-part capital increase: a 15% stock dividend, a 10% rights issue at VND 10,000 per share, and a private placement of up to 200 million shares. The cash dividend of 10% will use VND 8.06 trillion from 2025 retained earnings.

Market Context

MBB shares closed at VND 27,000 on April 15, down 0.37% with volume of 11.1 million shares. The stock has been under pressure amid broader market weakness, but the bank’s strong 2025 results and aggressive growth targets may provide support. MBB is listed on HOSE and is among the top five Vietnamese banks by assets. The banking sector has seen mixed performance in 2026, with investors focused on dividend policies and capital adequacy.

Strategic Significance

The capital increase plan, if fully executed, will boost MBB’s charter capital by 27.5% to over VND 102.7 trillion, strengthening its capital base for credit growth and digital transformation. The 15% stock dividend rewards shareholders while retaining cash for expansion. The rights issue at VND 10,000 per share (a discount to book value) may dilute near-term EPS but supports long-term growth. The private placement could attract strategic investors, potentially improving governance and foreign ownership.

What to Watch

• Execution of the rights issue and private placement, including pricing and investor demand.
• Q1 2026 earnings release to gauge profit growth trajectory against the 15% target.
• Credit growth trends and NPL ratio, with a target of below 1.5%.
• Regulatory approval for the capital increase from the State Bank of Vietnam.
• Foreign ownership changes following the private placement.