Analyst Pin-board: MBB – Updates on Parent bank’s Business Performance 3Q2019
MBB’s parent bank achieved a positive growth of 41.2% in TOI and 39.2% YoY in PBT in 3Q2019 (which raised YoY earning growth from 22.5% in 1H2019 to 28.5% in 9M2019). Excluding income transferred from associates, actual earnings growth was 29.6% for 3Q and 23.0% for 9M. This growth was largely driven by income from securities trading and debt recovery instead of net interest or service income. Meanwhile, operating expenses and provision charges continued to rise. Considering moderate growth of the parent bank, we hold the view that consolidated earnings growth will still be driven by the insurance and consumer finance business of associates, though operating and provision burden in 3Q is expected to be pressured.
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