Lien Viet Post Joint Stock Commercial Bank ( LPBank - stock code: LPB) has just announced its business results report for the second quarter and the first 6 months of 2023.
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Accordingly, at the end of the second quarter, LPBank's pre-tax profit reached VND880 billion. Accumulated to June 30, 2023, LPBank's pre-tax profit was VND2,446 billion, down 31.8% compared to the same period in 2022 but still completing 41% of the yearly plan. At the 2023 annual meeting held in April, LPBank's general meeting of shareholders set a pre-tax profit target for this year of VND6,000 billion, up 11% compared to 2022.
LPBank data shows that at this bank, capital mobilization reached more than VND 267,133 billion, outstanding loans reached VND 253,419 billion, the bad debt ratio increased compared to the end of 2022 but was still within the safe range.
It is known that, on the basis of exploiting a large network to develop the retail customer segment in rural areas, this bank's capital mobilization still grew well in the first half of 2023. Revenue from services was also boosted and supply activities were diversified. Income from foreign currency trading activities grew strongly compared to the same period last year. Accordingly, net service revenue brought in 475 billion VND.
LPBank's business activities in the first half of the year were in the context of general difficulties of the industry as well as the economy . With central banks around the world tightening monetary policy from 2022, the Fed continuously raising interest rates, along with the freezing situation in the asset market (especially real estate), it has negatively impacted the domestic banking system.
According to records, in the second quarter, LPBank repeatedly reduced interest rates to support production and business, contributing to economic recovery. Last June, the bank allocated VND10,000 billion for customers to borrow capital with preferential interest rates from only 7.5%/year, being one of the pioneer banks in reducing interest rates and supporting customers.
Notably, the State Bank recently approved LPBank to increase its charter capital by a maximum of VND11,385.3 billion through issuing dividend shares (VND3,285 billion), offering shares to existing shareholders (VND5,000 billion), offering individual shares to foreign investors and issuing under the employee stock option program to increase charter capital.
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