Industry Leadership Position
The CASA race favors efficiently digitized banks, with MBB emerging as the standout performer. As of Q2/2025, MBB maintains its lead with a CASA ratio of 36.9%. In a context of loosened monetary policy aimed at supporting economic growth, a high CASA ratio provides significant competitive advantages for banks.
Specifically, CASA reduces reliance on high-cost term deposits, lowering the cost of funds (COF), enhancing net interest margin (NIM), and enabling competitive lending rates.
Bank CASA Ratios as of 30/06/2025
Source: Ministry of Finance and VietstockFinance
In terms of operational metrics, MBB ranks among the most efficient banks in the system, consistently placing in the top 5 for NIM while maintaining a non-performing loan ratio below 2%. These results demonstrate the bank’s ability to balance growth, profitability, and operational safety effectively.
By the end of 2025, MBB is expected to sustain its leadership position in the banking sector.
Stock Valuation
Using the Market Multiple Models (P/E, P/B) combined with the Residual Income Model (RIM) in equal weights, the fair value of MBB is estimated at approximately 33,150 VND/share. Thus, the current market price of MBB presents an attractive entry point for long-term investment.
Enterprise Analysis Division, Vietstock Advisory Department
– 08:30 04/11/2025
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