The Military Commercial Joint Stock Bank (MB) ranked third among 14 Vietnamese banks in the list of 500 strongest banks (AB500) in Asia-Pacific recently released by The Asian Banker.
Illustrative image (Source: cafef.vn)
AB500 is an annual study of the financial and business performance of the commercial banking industry in Asia-Pacific. The study comprises two different lists: the first ranks the top 500 banks in the region by asset size, while the second ranks the same banks by strength, or long-term profitability from its core businesses.
In the 2018 ranking, MB jumped one place domestically and 32 places in Asia-Pacific compared with 2017.
Along with strategic programmes for customers, targeting major businesses, small-and medium-sized enterprises (SMEs) and inpiduals, MB hit its business targets for 2018, with profits up 56 percent to 7.7 trillion VND (331.1 million USD) and turnover hitting 1 billion USD.
Apart from MB, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) were also listed in the AB500 ranking.