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Tuesday, June 6, 2023

Military Bank has new board chairman

The Saigon Times

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CMC – Luu Trung Thai, general director of Military Commercial Joint Stock Bank (HOSE: MBB), has been picked as chairman of the board of directors, replacing Le Huu Duc who stepped down for personal reasons.

MBB’s board of directors now has 10 members for the 2019-24 term.

Thai, 48, who holds an MBA degree at the University of Hawaii in the United States, has worked at the bank for 26 years.

He joined the board in 2013 and became its vice chairman the same year before holding the post of general director in 2017.

Pham Nhu Anh, MBB’s deputy general director, will take charge of the bank’s management with the same powers and duties as general director.

This year, the lender looks to obtain VND26.1 trillion in profit before tax, up 15% from 2022. It also aims to raise its assets by 14% year-on-year to VND930 trillion, chartered capital by 20% to over VND54.3 trillion, and deposits at VND591 trillion.

The business plan will go before the bank’s 2023 general meeting slated for April 25.

MBB’s 2022 pre-tax profit was the fourth highest among Vietnamese lenders, at VND22.7 trillion, after Vietcombank, Techcombank and BIDV.

MBB closed the trading session today, April 14, down 1.35% from the previous session at VND18,300 and reported a matching volume of more than 7.8 million shares.

Regarding the stock market today, the VN-Index of the Hochiminh Stock Exchange slid 11.41 points, or 1.07%, at 1,052.89 points, with losers outnumbering gainers by 303 and 95.

Trade on the southern bourse totaled over VND11.3 trillion worth of 671.5 million shares, up 17% in both volume and value over the previous session, including 62 million shares valued at nearly VND1.4 trillion traded in block deals.

Lender SHB took the lead by liquidity today with over 50 million shares transacted, followed by DIG with 40.5 million shares and NVL with 33.8 million shares.

On the Hanoi Stock Exchange, the HNX-Index slid 2.59 points, or 1.23%, to 207.25 points, with 57 advancers and 121 decliners.

There were more than 109.4 million shares worth VND1.5 trillion transacted on the northern bourse.

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