LienVietPostBank implements Basel III, IFRS 9

LienVietPostBank has announced the complete implementation of Basel III risk management standards and the International Financial Reporting Standards 9 (IFRS 9), becoming one of the few banks in Vietnam to apply both protocols.

The move will solidify corporate governance, confirm transparency, and facilitate strong growth at the bank, especially in 2023 that marks its 15th anniversary, an executive said on Thursday.

The private bank, listed on the Ho Chi Minh Stock Exchange (HoSE) as LPB, completed Basel II and began preparations for Basel III and IFRS 9 in 2020. KPMG advises LPB on the implementation of IFRS 9.

LPB’s post-tax profit reached VND986.89 billion ($41.8 million) in the third quarter of this year, up 61.32% year-on-year, according to its financial report.

In the first nine months, the bank’s post-tax profit was VND3,840 billion ($162.7 million), up 72.44%.

Before LienVietPostBank, TPBank was the first in Vietnam to apply both standards in October 2021. Other banks having fulfilled the Basel III standards include ACB, SeABank, OCB, Nam A Bank, and VPBank.