Analyst Pin-board: MBB – Updates on 2019 Business Performance
We see that MBB’s outlook can be impacted by some potential headwinds: (1) the dependence of NIM expansion on consumer finance, (2) the slowdown in insurance net income growth, while other service fee growth are more limited, and (3) high NPL formation rate and provision charges growth due to higher risk appetite. Meanwhile, some tailwinds still intact, such as the continuous expansion of consumer finance, high CASA and efficiency improvement. We forecast that these pros would allow the bank to maintain a high earnings growth of 25% YoY in 2020.
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