BMA Report Group 6 TUT 2 MSB
BMA Report Group 6 TUT 2 MSB
BMA Report Group 6 TUT 2 MSB
Bank Management
MARITIME BANK REPORT
Hanoi - 2021
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PEER EVALUATION FORM
Task Mark
Team member ID Task given (written form) given (%) perform
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I. Table of Contents
INTRODUCTION ...............................................................................................................1
DISCUSSION OF FINDINGS ............................................................................................2
I. Overview .......................................................................................................................2
1. Background of Maritime Bank .................................................................................. 2
2. Main services of bank ............................................................................................... 3
3. Structure of MSB ...................................................................................................... 4
II. Analysis of bank performance ......................................................................................5
1. Consolidated financial statements ............................................................................. 5
2. Profitability analysis ................................................................................................. 7
3. Asset & Fund management efficiency ratio ............................................................... 8
III. Analysis of bank risks ...................................................................................................9
1. Credit risks ............................................................................................................... 9
2. Liquidity risks ..........................................................................................................10
3. Interest rate risks ......................................................................................................10
IV. Analysis of bank capital.............................................................................................. 12
1. What is Basel I and Basel II? ...................................................................................12
2. MSB with the application of Basel ...........................................................................13
3. The Capital Adequacy Ratio of MSB .......................................................................13
V. Analysis of bank loans................................................................................................ 16
1.Liquidity management ..............................................................................................16
2. Lending management ...............................................................................................17
CONCLUSION .................................................................................................................. 21
REFERENCES ................................................................................................................. 21
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INTRODUCTION
The Maritime Commercial Joint Stock Bank (MSB) was Vietnam’s premier commercial bank,
founded in 1991 and with 166 trillion VND of total assets in September 2020. MSB concentrates
on affluent and massively affluent customers in retail banking segment and SME customers in
corporate banking. The head office of the bank is located in Ho Chi Minh City with 263 branches
in 51 cities or provinces, and 100% owned FCCOM and MSB AMC subsidiaries. At a period
when the concept of a public-owned commercial joint stock bank was still new and its feasibility
was being questioned, the bank was established as Vietnam's first. Maritime Bank, on the other
hand, has demonstrated the great potential of the joint stock bank model and generated
extraordinary achievements because of the pioneering and inventive spirit of the bank's founders
and the passion of its employees.
Maritime bank has risen to the top of the commercial joint stock banks in Vietnam, with the
greatest operational network and the large number of customers and enterprises. Maritime Bank
has developed an essential strategy to proceed to optimize the available competitive advantage
and provide the great experience for customers, shareholders, suppliers, communities, and
employees, based on available strengths such as strong financial strength, widespread distribution
network, and friendly staff. MSB has won numerous regional and global honor throughout the
years, demonstrating our commitment to client satisfaction. MSB was named "Best Bank in
Vietnam" by Global Finance in 2017 and 2019. MSB was also recognized as "Best Retail Bank in
Vietnam" by International Finance and World Finance in 2017 and 2015. To gain the great
achievements, Maritime Bank has constantly improved and advanced the banking system with the
massive of great goods and services for customers. This report, with the purpose of giving an
analysis of Maritime Bank, will discuss the bank performance in financial activities, the risk
management, the capital management, and the bank loans in recent years.
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DISCUSSION OF FINDINGS
I. Overview
1. Background of Maritime Bank
Maritime Bank has been concentrating on practical application of Core Values: “Responsibility,
Listening, Respect, Innovation, and Efficiency” to create the greatest performance for its clients,
with the goal of developing an effective bank that helps customers to deal with problems quickly
and conveniently.
Incessantly expanding in scale
Maritime Bank has developed from a single private bank with 24 shareholders, 40 billion VND in
chartered capital, and a few branches in the big cities and provinces of Haiphong, Hanoi, Quang
Ninh, and Ho Chi Minh City to a financial institution with chartered capital of 11.75 trillion VND,
294 times the initial chartered capital; a network of nearly 300 branches and transaction offices.
Committed investment in technology
Maritime Bank sent shockwaves across the Vietnamese banking market by pioneering the use of
modern technology immediately after its creation. It was Vietnam's first commercial bank to be
authorized to handle overseas transactions and to create Core Banking based on a centralized
database, a concept rapidly replicated by the country's banks.
Focus on quality of products and services
When customers utilize the bank's products and services, the bank attempts to deliver the highest
quality experience possible. In addition to continuously improving the underlying technological
system, Maritime Bank offers new goods and services on a regular basis to increase its added
value. By providing customer-centric products and services that benefit not only our clients but
also their family and friends, Maritime Bank presents itself as their families' bank for individual
consumers. Maritime Bank acts as a bank for businesses' supply chains, offering banking and
financial services to our customers and business partners to help them enhance their operational
efficiency.
Attention to risk management
To successfully complete the project, Maritime Bank established a steering committee consisting
of high-level members of the Board of Directors and Executive Committee, as well as the Basel
II Centre and a specialized risk tool model, as one of the ten banks chosen by the State Bank of
Vietnam (SBV) to pioneer the implementation of the Basel II banking framework. Currently, the
bank has a strong capital adequacy ratio (CAR), well exceeding the SBV standards. The bank has
been able to successfully implement its development strategy thanks to this solid base.
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2. Main services of bank
Just like different commercial banks, the Maritime Bank has been verified to provide these three
main Customer bases, such as retail banks, company banks, and financial institutions.
First, Maritime clients can be provided services in retail banks inside the form of deposit account
offerings, such as opening a deposit or financial savings account to fulfill demand, card products,
retail loan product transactions, coverage or foreign forex purchases, digital banking offerings,
and so forth. In detail, Visa Online credit playing cards and visa journey playing cards are broadly
used because of the massive refund of each transaction, excessive security, and flexible installment
price. While a large number of customers who would love to go shopping online via Visa Online
Credit Card by dint of the convenience, Visa Tour Cards provide honest remedies related to tour
transactions and global journey insurance.
The second purpose customer is a cooperative financial institution, an appealing overdraft
account carrier, and credit packages benefits. Analyzing more about enterprise issues confronted
with a transient shortage of finances, MSB gives an overdraft account way to assist companies
take the initiative to increase cash flow for production and operation activities. Maritime Bank has
diversified types of customers with outstanding advantages: active consumption of up to 2 billion
VND, no debt series, fast charge commodities, utility bills, and employee salaries. At the same
time, MSB's comprehensive credit is an efficient option for fully meeting all of the capital needs
of the organization for the duration of the transformation system manufacturing, operation,
investment, and growth of operations aggressive interest costs, designed for each business.
Finally, Maritime Bank has provided the programs related to capital market, cash management,
and exchange finance, and correspondent banking. The capital marketplace comprises the primary
business collection which is named Forex Trading and Bond Trading. MSB has consistently been
ranked the best price maker in the secondary market for the following items and services: trading
government bonds, government-guaranteed bonds, municipal bond bonds, monetary organization
bonds; repurchase agreements/ reverse repurchase agreements; short/long term – CD Trading;
auction business. In terms of cash management, MSB gives account offerings; collection services
to satisfy the cash deposit/withdrawal or fund conversion of financial organization (FI) clients
with restrained networks; and overdrafts which are used by customers to make payment in case of
inadequate. Moreover, centralized account management is offered to advance independent account
management and permit the best use of unused funds. Exchange finance includes Outward
telegraphic transfer (T/T), assure offerings, and trade monetary services. Furthermore,
correspondent banks and forms, prices, and interest rates are other services supplied by way of
MSB to help ensure the customer’s profit.
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3. Structure of MSB
To gain a large number of achievements, MSB has constantly developed the technology, services
and skills, and worked with enthusiasm in order to bring customers the best products and services.
One of the most important factors of the achievements is the management system of the bank that
plays an important role in operating, monitoring and adjusting the bank system completely. The
Vietnam Maritime Commercial Joint Stock Bank is structured like a Shareholding Company,
which comprises several principal parts as General Meeting of Shareholder, Board of Director,
General Manager and Supervisory Board.
The General Meeting of Shareholder is known as the most powerful body making important
decisions for the entire bank. It includes the large number of shareholders in total with voting
rights and functions through annual and special meetings, as well as collecting written opinions.
In detail, the chairman of the Board of Directors is Mr. Tran Anh Tuan. After that, there are two
vice chairman respectively are Ms. Nguyen Thi Thien Huong and Mr. Nguyen Hoang An with
three Members of BOD: Mr. Tran Xuan Quang, Ms. Le Thi Lien, and Mr. Nguyen Hoang Linh.
In the Board of Management, Mr. Nguyen Hoang Linh is the Chief Executive Officer of Maritime
Bank. Then, there are three Vice CEOs of MSB: Mr. Nguyen The Minh, Ms. Nguyen Huong Loan,
and Mr. Oliver Schwarzhaupt with the Director of Retail bank, Ms. Nguyen Thi My Hanh. They
are also talented and influential characters. So they can control, give the suitable direction for
MSB. Under the manager system, Maritime Bank has a lot of other offices such as Marketing
Office, Risk Management Office,… Consequently, Maritime Bank is a reliable bank trusted by
customers as well as a bank highly appreciated by international organizations for quality and
products.
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II. Analysis of bank performance
1. Consolidated financial statements
How well Maritime Bank was performing for 4 years from 2017 usually revealed by a careful
study of their financial statements. MSB has achieved positive results and stable growth recently
that created the motivation for bank to confidently complete their target.
Thanks to sustained strategy management for the whole bank in technology and services as well,
MSB also has an optimistic signal in total assets for 4 years. The balance sheet above indicates the
total assets of MSB increase regularly from 112,238,978 million VND in 2016 to 176,697,625
million VND in 2020. The total assets in 2020 reached nearly VND 176.7 trillion, up 57.48%
compared to 2017. Total equity of MSB slightly increased until 4 years from 13,721,942 million
VND to 16,874,819 million VND, up to 22.97%. The growth in total assets is shown by the
expansion in goods and services in the market and focusing on scale growth in high-yield asset
categories. The bank managers have maintained to implement the strategy of focusing on
investment in the foundation systems in order to create a good basis for the whole bank to develop
strongly and sustainably.
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Figure 2. Income statement of Maritime Bank from 2017 to 2020
According to the consolidated income statement from 2017 to 2020, it is demonstrated that net
income before taxes in 2017 only reached 164,429 million VND. It is an extremely small number
of net income before taxes compared with 2018, up to 1,052,776 million VND. After that, it
moderately rose to 1,287,822 million VND in 2019 and reached a peak of 2,523,314 million VND,
up to nearly 96% compared to 2019. To gain this result, MSB has used capital effectively, raised
fee income and reduced costs well. Until 2020, MSB has a large number of business activities
with high growth. Following the consolidated income statement, credit activities brought in
4,822,389 million VND in net interest income in 2020 with an increase of 57.48% compared to
2019, 66.16% compared to 2018, and nearly 200% compared to 2017. MSB has made efforts to
promote credit supply for low-risk industries, offering the suitable products for customers’
circumstances recently. Therefore, MSB is one of the banks that is provided more credit growth
limit by the Central bank to offer the capital demand for the economy.
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2. Profitability analysis
During 30 years of establishment and development, Maritime Bank has received the trust of more
than 1.8 million individual and corporate customers, and has become one of the five most
prestigious and largest joint stock commercial banks in Viet Nam with diversified service
products. To evaluate the bank performance effectively, profitability ratios are chosen as the best
indicator of a bank performance to generate earnings relative to its revenue. In detail, return on
assets (ROA) and return on equity (ROE) will be the vital elements for assessing managerial
efficiency and measuring the rate of return flowing to shareholders along with another indicators.
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firm’s resources must be borrowed. The equity multiplier or assets to equity ratio is frequently the
largest, averaging 10x or more for typical banks. As can be seen from figure four, the ratio of the
first two years is not extremely good (below 10x). After that, Maritime Bank has operated with
multipliers of more than 10x, respectively in 2019 with 10.56x and in 2020 with 10.47x. The
multiplier of Maritime Bank was not too high, therefore the bank has exposed less failure risk.
However, the potential for high returns for the stockholders is low with the moderate fund
management efficiency ratios.
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2. Liquidity risks
When operating in the financial system, financial institutions are exposed to a variety of risks that
could result in a business downturn or even insolvency. Liquidity risk is one of the most commonly
encountered risk ratios in the financial sector. Liquidity risk occurs when a bank or financial
organization is unable to satisfy its short-term loan obligations, resulting in significant losses. This
problem normally arises when a bank's assets are unable to be converted into cash. It's crucial
since the goal of liquidity risk management is to ensure that there'll be enough cash flow to keep
payments on track. The ratios of Cash and payable from deposits held at other depository
institutions over Total assets are other indicators of exposure to liquidity risk.
The calculations below show the ratio of Maritime Bank for the last four years.
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Interest-sensitive gap management is frequently used interest rate hedging strategies nowadays.
Gap management techniques require management to perform an analysis of the maturities and
repricing opportunities associated with interest-bearing assets and with interest-bearing liabilities
(Peter S. Rose and Sylvia C. Hudgins, 2010). If management considers that the institution is
exposed to an excessive rate of interest rate risk, it will match the number of assets it can handle
to the greatest extent practicable. Liabilities' interest rates can be modified in response to market
conditions throughout the same period, as interest rates are repriced in response to changes in the
quantity of liabilities. When the amount of repriceable assets does not equal the amount of
repriceable liabilities, there is a gap between these interest-sensitive assets and interest-sensitive
liabilities. The Interest-Sensitive Gap is determined by taking the Interest-sensitive assets minus
the Interest-sensitive liabilities. The financial firm is considered to have a positive gap and be asset
sensitive if the volume of interest-sensitive assets in each planning period (day, week, month, etc.)
exceeds the size of interest-sensitive liabilities subject to repricing. In the other scenario, assume
the liabilities of an interest-sensitive bank are greater than its interest-sensitive assets. This bank is
then deemed to be liability sensitive since it has a negative gap.
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or the value of the institution's shareholders' investment. The fact that interest rate risk protects
the net interest margin does not guarantee that the institution's net assets are secure. This demands
the use of yet another management technique: duration gap management. The leverage-adjusted
period difference (DGAP) is determined by taking the dollar-weighted period of the portfolio of
assets (DA) minus the dollar-weighted duration multiplication of the portfolio of liabilities
multiplied by total liabilities (L) divided by total assets (A):
L
DGAP = DA – DL x A
We will not explain the precise statistics in this study since the leverage-adjusted period gap
information of the MSB is difficult to gather and measure precisely. However, the formula clearly
shows that the liabilities value must be at least more than the asset value to reduce interest rate
risk exposure. The reason for this is that when the modified period difference in leverage grows,
the interest rate becomes more sensitive. Because of its reputation over the last
few years, MSB's interest rate risk management is apparently strong. Although the issue of
databases is always a huge barrier for any bank, management systems in its databases are designed
in a synchronous, automated, and constantly updated and modified structure to match the real
management needs.
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the operational safety of the bank, which is developed by leading banking experts under the Basel
Committee.
Because some disadvantages of Basel I such as operational risks, irrespective of the type of
risks, no benefit from diversification, Basel II appears as an updated version of Basel I.
There are three “pillars" of Basel II: (1) Minimal capital requirements, (2) Supervisory
review and (3) Market Discipline.
To determine the importance of imposing Basel standards, the State Bank developed a legal
framework to create favorable conditions for banks to quickly apply international standards.
In 2005, the SBV issued Decision No. 457/2005/QD-NHNN with a minimum capital adequacy
ratio of 8% with a relatively comprehensive approach to Base I. In 2010, SBV issued Document
No. 13/TT-NHNN, which replaced the last document and raised the minimum capital adequacy
ratio to 9%. The calculation method is gradually approaching Basel II, the SBV issued Circular
41/2016/TT-NHNN to regulate the capital adequacy ratio of banks, considered to represent the
necessary legal framework for guiding banks to fully implement the Basel II Pillar.
2. MSB with the application of Basel
MSB is one of the pioneer banks to complete all three of Basel II's foundations and perfect the
modern risk management platform according to international standards when announcing the
application of credit risk management and the implementation of Basel III in operational risk
management, markets, and the liquidity. Results of risk weighted assets (RWA) according to the
internal ranking method applied to target capital calculation, assessment of ICAAP capital, target
capital allocation/RWA according to each type of risk. This is an important basis for the Bank to
set risk limits, improve the efficiency in formulating credit policies, measure operational
efficiency on a risk-adjusted basis to improve economic efficiency business and risk management
capacity.
Besides applying the Basel II internal ranking method for credit risk, MSB also pioneered the
implementation of Basel III standards in managing operation risks, market risks and liquidity risks.
However, this report had already focused on the Basel II application of Maritime Bank for four
years.
3. The Capital Adequacy Ratio of MSB
The purpose of using risk-weighted assets is to identify the minimum amount of capital that
must be held by banks so as to reduce the risk of insolvency. The risk assessment for each category
of bank assets based on the capital requirement. Firstly, we need to calculate the credit-equivalent
amount of each off-balance sheet (OBS) item as well as find the suitable risk-weighted type for
the balance sheet of 4 different years and the OBS item. Then the product of each balance sheet
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and credit-equivalent OBS item by the correct risk-weight is the total amount of risk-weighted
assets. In four years recently, Maritime Bank has implemented risk management according to strict
Basel II standards. Thereby, the bank has successfully completed the goal on calculating the
capital adequacy ratio on the whole system. Debt settlement activities also brought positive results.
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Basel II regulations need large financial resources of USD 10-15 million, depending on the nature
and size of the institutions. It's also a problem for small and medium-sized banks. Human
resources, as well as senior executives' risk management skills, continue to encounter numerous
challenges. Human resources and senior executives' risk management understanding are weak,
and they fall short of international requirements. Since February 2016, the State Bank of Vietnam
has selected ten pilot banks to undertake risk management projects based on the Basel II standard,
including Maritime Bank. Maritime Bank is one of the pioneer banks to complete all three pillars
until 2020. The MSB has deployed a risk governance strategy based on big data analysis and
artificial intelligence to identify and analyze prospective customers for credit card products in
order to fulfill the regulations.
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the bank’s profit in reality because of the low return of cash and this type of assets. Maritime Bank
normally maintains a moderate proportion in this indicator and tends to decrease recently. Hence,
based on this indicator, Maritime Bank has not performed well in liquidity of cash.
The liquid securities indicator can show the comparison of the most marketable securities of
Maritime Bank could hold and the entire size of its asset portfolio. If this ratio is higher, the
liquidity risk that the bank faces is smaller. It can be seen that the ratio in the table is quite small
but tends to increase to 2020 by 0.32. The liquidity risk of Maritime bank is a problem with the
low ratios in 2018 and 2019, and it also leads the lower need for liquidity securities.
Deposit composition ratio measures the stability of Maritime Bank’s funding base. The increase
in this ratio from 0.25 in 2019 to 0.38 in 2020 will show the less deposit stability and a more need
for liquidity.
2017 2018 2019 2020
Current Assets (*) 57,621,628 86,207,545 101,107,297 112,928,916
Current Liabilities (*) 29,534,151 48,536,734 54,089,437 56,903,193
Current Ratio 1.95x 2.29x 2.15x 2.02x
Working capital (*) 28,087,477 48,536,734 54,089,437 56,903,193
Figure 11. The liquidity indicators (*:million VND)
It can be apparent that the current assets and current liabilities also go up significantly from 2017
to 2020. The bank made significant effort in enhancing its liquidity, with current assets covering
current liabilities two times over which is from around 57,000 billion VND to around 110,000
billion VND. It can be a good signal for the current ratio (also greater than 1) of Maritime Bank
in recent years. Maritime Bank has a high ability to ready pay due debts and the liquidity is high.
The term of working capital is an important factor that provides a measure of Maritime Bank’s
capacity to meet short-term debt commitments using current assets held on hand and tends to rise
moderately from 2017 at 28,087,477 million of VND to 2020 at 56,903,193 million of VND. Thus,
Maritime Bank has been able to respond to short-term debt obligations well recently.
2. Lending management
a. Individual loan
The number of credit options available to meet the financial needs of consumers is growing rapidly
among banks in Vietnam. As one part of the largest commercial bank system, Maritime Bank has
been actively advertising its lending techniques, particularly for individual consumers. Key
products of Maritime Bank retail loan concluding: Unsecured loan based on transferred salary,
Loan for house construction-repair, Overdraft loan from transferred salary, Town house collateral
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loan, Business Loan, Real estate mortgage consumer loan, Car loan, Loan to Priority customers,
and so on.
In the period from 2017-2020, MSB maintained the preferential interest rate is only 6.99% per
year for town house collateral loan, real estate loans or car loan. Loan based on salary without any
collateral for customers have the loan amount is up to 12 times of income, up to VND 500 million
and the maximum loan term is 36 months with flexible method of principal and interest payment.
The loan for house construction-repair helps customers enjoy building and repairing any house
with a credit limit of up to VND 5 billion and lend up to 70% of the loan value. About real estate
loan, MSB loans up to 90% of the value of the house and loan term up to 25 years. MSB offers
forms of overdraft loan from transferred salary, limit up to VND 300 million, meeting maximum
flexible capital use needs of customers with an attractive interest rate from 1,375%/ month. MSB
also offers the business loan with a large loan limit of up to VND 5 billion and the Granted limit
is allowed to withdraw capital in consecutive 1 year with no upfront fee. MSB requested some
documentation for loan conditions and procedures, depending on the type of loan the consumer
applied for. Besides loan application in the form of MSB, ID card and residence book, MSB
requires Proof of income: Copy of Labor Contract or Copy of Decision on transfer/ appointment/
salary increase, salary statement of recent 3 months and Documents of secured property.
MSB not only expanded customer relationships and enhanced its ability to mobilize deposits as a
result of the large number of individual loans, but it also generated profits by facilitating cross-
selling banking services like savings, payment transactions, and internet banking services. The
table below shows the data about the amount of lending of MSB from 2017 to 2020:
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detail, household business and individual take the highest proportion of lending from MSB with
more than 90% of total loan amount in all four years. The second place with the minor number
amount is loans on discounting negotiable instruments and valuable papers. It is obvious that the
main lending of MSB is used by corporations both small or large, private or belonging to the state.
According to MSB’s news, 2019 was considered as a successful year for MSB since all core
business activities achieved good growth, but 2020 seems even more successful. Specifically,
MSB's irrecoverable debts has decreased remarkably compared to the same period last year, from
981,332 million VND to 867,771 million VND, which means only 1.02% compared to 1.52 % of
2019, which proves that the management, or more specifically, the selection of lenders and the
debt collection ability of MSB has improved quite significantly compared to 2019. Besides bad
debt recovery ability, MSB's eligible debts also increased significantly, from 61,221,054 million
VND to 76,801,294 million VND, an increase of 1.25% compared to 2019. In addition to the good
results from business operations, MSB achieved a range of bright spots in credit quality
management and bad debt handling.
Based on the analysis of outstanding balance by loan term, we can see short-term and long-term
debts.
Below is a table of data over the years from 2017 to 2020:
2017 2018 2019 2020
Short-term (*) 17,333,702 24,947,585 32,302,659 36,622,806
Long-term (*) 8,187,310 11,950,620 17,728,703 23,040,804
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CONCLUSION
In conclusion, by creating a distinction in its development approach, Maritime Bank has been
recognized as a bank that originated in Vietnam's retail banking market. In regard to multi-
utility products that appeal to a wide range of client demands, Maritime Bank has offered high-
quality services and developed boost banking technology. Maritime Bank has accomplished
the best strategy in liquidity, lending, asset and liabilities management for four years.
Furthermore, Maritime Bank has experienced a massive restructure, with an aim of developing
an efficient risk management system while sustaining a steady growth of commercial activity.
Despite of the influence of the pandemic, the Maritime Bank has maintained its position
throughout the years by superior risk management solutions, operational strategies,
managements, and outstanding locally and abroad awards.
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