LienVietPostBank meets 95% of annual profit plan after 9 months

Update: October, 24/2017 - 16:21
LienVietPostBank’s profit in the first nine months rose 66 per cent year-on-year to VNĐ1.43 trillion. — Photo LienVietPostBank
Viet Nam News

HÀ NỘI — Liên Việt Post Commercial Joint Stock Bank (LienVietPostBank) met 95 per cent of its VNĐ1.5 trillion (US$65.79 million) pre-tax profit planned for the entire 2017 by the end of September.

According to the bank’s Q3 financial report, it posted pre-tax profit of VNĐ523 billion in the third quarter, bringing total profit in the first nine months to VNĐ1.43 trillion, up 66 per cent year-on-year.

Most of the bank’s business activities reported making profits in the period, of which net interest income increased by 23.3 per cent to VNĐ1.36 trillion and profit from services tripled to nearly VNĐ24 billion.

By the end of September, the bank’s total assets rose 4.4 per cent to more than VNĐ148 trillion. Its total outstanding loans reached VNĐ94.86 trillion, up 19 per cent, while mobilised capital rose only 10.3 per cent to VNĐ122.44 trillion. However, the bank’s proportion of lending to deposits remained low at 77.5 per cent.

The bank’s bad debt ratio was at 1.19 per cent, inching up against the 1.11 per cent earlier this year. At the same time, with a provision of VNĐ277 billion for risky loans, the value of Việt Nam Asset Management Company’s (VAMC) bonds held by LienVietPostBank decreased slightly to VNĐ600 billion.

By the end of September, the bank owned 10 per cent of the contribution capital of Vietnam-Laos Electricity Joint Stock Company with a value of VNĐ300 billion and 5.5 per cent of the contribution capital of Lien Viet Securities Joint Stock Company with a current value of nearly VNĐ16 billion.

Early this month, the bank’s shares (code LPB) were officially traded on UPCoM at an initial price of VNĐ14,800 per share. LPB closed this morning’s session at VNĐ12,800 per share, up 1.8 per cent from yesterday. — VNS