LPBank Board of Directors meets to assign tasks to members of the Board of Directors and Executive Board

At the meeting in early October 2024, the Board of Directors of Loc Phat Vietnam Commercial Joint Stock Bank ( LPBank ; stock code: LPB) has just made important decisions to improve the quality of senior personnel, aiming to create strong, comprehensive changes, sustainable and prudent development. Speaking at the meeting, on behalf of the Board of Directors, Mr. Nguyen Duc Thuy - Chairman of the Board of Directors of LPBank expressed his gratitude to General Director Ho Nam Tien for his positive contributions in helping LPBank develop to new heights. Under the leadership of Mr. Tien in recent times, LPBank has made many remarkable strides such as transforming the management organization model, successfully deploying the Core Banking T24 system in a record short time, building a digital banking platform, launching LPBank and LPBankBiz applications; Deploying the fastest Kondor Treasury system in Asia - Pacific ... All of these achievements demonstrate the vision and dedicated leadership of this CEO. On that basis, the Board of Directors trusts and assigns Mr. Ho Nam Tien to hold the position of Permanent Vice Chairman of the Board of Directors of LPBank after he ceases to hold the position of General Director.

Mr. Nguyen Duc Thuy - Chairman of LPBank's Board of Directors (right) presented flowers to congratulate Mr. Ho Nam Tien - Permanent Vice Chairman of the Board of Directors (left)

Also at this meeting, LPBank's Board of Directors selected and appointed Permanent Deputy General Director Vu Quoc Khanh to assume the position of Acting General Director in charge of the Bank's operations from October 4, 2024. Mr. Vu Quoc Khanh was born in 1981, has a Bachelor's degree in Business Administration (National Economics University) with more than 22 years of experience working in the banking and finance sector in Vietnam, including 6 years working at the Bank for Agriculture and Rural Development of Vietnam ( Agribank ) and over 16 years working at LPBank. At LPBank, he has held the position of Deputy General Director since 2011 when he was just 30 years old and participated in in-depth management, in charge of many different business areas. In May 2023, he was appointed as Permanent Deputy General Director. During his work and dedication, he has made positive contributions to the strong development of LPBank.

Mr. Nguyen Duc Thuy - Chairman of LPBank Board of Directors (right) presented flowers to congratulate Mr. Vu Quoc Khanh - Acting General Director (left)

Highly appreciating his qualifications, professional capacity, management experience as well as his dedication and contribution to the development of LPBank, the Bank's Board of Directors believes that Mr. Vu Quoc Khanh will be a key factor contributing to realizing the goal of making LPBank a leading retail bank, a bank for everyone. LPBank's appointment of excellent and experienced personnel to the position of Permanent Vice Chairman of the Board of Directors and Acting General Director not only demonstrates its strategic vision but also affirms its special attention to human resources, considering this a core factor to promote the Bank's sustainable development.

LPBank's Board of Directors pays special attention to human resources, considering this a core factor to promote the Bank's sustainable development.

Another content approved by LPBank's Board of Directors is the decision to cease the assignment of the position of Permanent Vice Chairman of the Board of Directors to Mr. Le Minh Tam. In 2024, LPBank sets a pre-tax profit target of VND 10,500 billion, an increase of nearly 50% compared to 2023. In the first 6 months of the year, LPBank's pre-tax profit was VND 5,919 billion, an increase of 142% over the same period. Compared to the annual profit plan, LPBank has completed more than 56% of the plan. Also at June 30, LPBank was one of the banks with the highest pre-tax profit growth rate in the system. According to MBS's report, in the third quarter of 2024, LPBank continued to be in the group of banks with high profit growth rate and achieved positive results in its efforts to handle bad debt./.

K.Oanh