Việt Nam News

TPBank’s profit rose by 70 per cent from 2016 to more than VNĐ1.2 trillion in 2017. — Photo vneconomy.vn

HÀ NỘI — Tiên Phong Commercial Joint Stock Bank (TPBank) will make its initial public offering (IPO) by the end of the first quarter of the year, after completing issuing shares to increase its charter capital by 15 per cent to VNĐ6.71 trillion (US$296 million).

HCM City Stock Exchange (HOSE) announced that last week, it received TPBank’s application for listing on HOSE.

Last month, the PYN Elite Fund signed a share-purchasing contract with TPBank. Accordingly, the fund will hold 4.99 per cent of the bank’s capital valued at $40 million.

The fund has been the third largest foreign investment fund in Việt Nam, with a total portfolio value of 417 million euros ($502 million).

TPBank posted impressive growth in 2017. Its profit rose by 70 per cent from 2016 to more than VNĐ1.2 trillion. Its total assets were VNĐ124 trillion, up 17.2 per cent.

The bank’s total credit was VNĐ71.29 trillion, representing a 22 per cent year-on-year rise. It was listed among the top banks with the best credit quality in the market and low bad debt rate of just 0.87 per cent.

TPBank’s total capital mobilisation was VNĐ115 trillion, increasing 17.5 per cent from the previous year. — VNS

Tags Vietnam charter capital Vietnam News Tiên Phong Commercial Joint Stock Bank news PYN Fund Management

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