FiinRatings Assigns Initial “A” Rating with a “Stable” Outlook to Vietnam Maritime Commercial Joint Stock Bank ("MSB")

FiinRatings, a strategic partner of S&P Global Ratings, has announced the first long-term issuer credit rating for Vietnam Maritime Commercial Joint Stock Bank?(MSB) at “A” with a “Stable” outlook on June 18, 2025.?

FiinRatings, a strategic partner of S&P Global Ratings, has announced the first long-term issuer credit rating for Vietnam Maritime Commercial Joint Stock Bank (MSB) at “A” with a “Stable” outlook on June 18, 2025.

This credit ratings from FiinRatings reflects the expectation that MSB’s credit profile will remain stable over the next 12–24 months. The assessment is based on factors including business position, capital & earnings, risk position, funding and liquidity, among other factors, using FiinRatings' standard credit rating methodology and criteria. 

MSB is the sixth commercial bank to be assigned a credit rating by FiinRatings. Previously, FiinRatings had issued and continues to maintain surveillance for Vietnam Technological and Commercial Joint Stock Bank (Techcombank - TCB), Asia Commercial Bank (ACB), Bac A Commercial Joint Stock Bank (BAB), Vietnam International Bank (VIB), and Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank).   

FiinRatings assesses MSB’s Business position as “Adequate”, reflecting its relatively solid operating capacity supported by a long development history, a diversified revenue base, and a continuously expanding customer base. In 2024, the bank maintained a high credit growth rate of 18,3%, driven primarily by the large corporate segment and the SME segment. This contributed to notable improvements in MSB’s market share in terms of Total assets, Customer deposits, and Gross customer loans compared to 2020. In addition, MSB has also demonstrated income diversification, with non-interest income accounting for 28% of total operating income in 2024, mainly contributed by foreign exchange (FX) activities. These factors have reinforced MSB’s standing among mid-sized private commercial banks and its classification as a systemically important credit institution. 

FiinRatings assesses MSB’s Capital and Earnings profile as “Strong”; this serves as a key credit strength for the Bank’s overall credit profile. MSB maintained a capital adequacy ratio (CAR) of 12.4%, a low leverage ratio of 8.7x, and a Tier 1 capital ratio that exceeds 100%, indicating a solid capital base with minimal dependence on Tier 2 capital. Over the past five years, MSB has maintained profitability and net interest margins (NIM) consistently above the industry average, posting a NIM of 3.7% and a return on assets (ROA) of 1.9% in 2024. In addition, the Bank’s cost-to-income ratio (CIR) declined significantly to 36.8% in 2024, nearly aligned with the industry median of 37.5%. 

Disclaimer: Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. FiinRatings’ opinions, analyses, and rating acknowledgment decisions are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security.   

For more information, please refer to the full Credit Rating Announcement for Vietnam Maritime Commercial Joint Stock Bank (MSB)

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