A strong rise in bancassurance business helped MBBank’s revenue from services surge by 86 per cent in H1 2019. – Photo MBBank For the Military Commercial Joint Stock Bank (MBBank), revenue from services in the first half of this year surged sharply by 86 per cent over the same period last year to more than VND1.81 trillion (US$77.68 million). MBBank's impressive result was mainly thanks to the strong rise in its bancassurance business, which contributed about 60 per cent to the bank's total profit from service activities. The good performance in the service business segment, together with credit, helped MBBank earn pre-tax profit of nearly VND4.88 trillion in H1 2019, up 27.3 per cent year-on-year. The same trend was also reported at the Tien Phong Commercial Joint Stock Bank (TPBank). While income from the bancassurance service in Q1 2018 contributed only 17 per cent to the bank's total service revenue, the ratio surged to 31 per cent in Q1 2019. Bancassurance became the strongest-growing service business segment for TPBank in Q1 2019 when it increased five times over the same period of last year, from VND17 billion to VND86 billion. The high growth momentum continued for TPBank in Q2 2019…. Read full this story
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