Private lender LPBank approves name change, charter capital hike to $1.32 bln

By Nguyen Huong, Minh Hue
Thu, April 18, 2024 | 10:34 am GMT+7

Vietnamese private lender LPBank approved a name change from Lien Viet Post Joint Stock Commercial Bank to Loc Phat Vietnam Joint Stock Commercial Bank at its 2024 AGM on Wednesday.

The abbreviated name in English - LPBank - remains unchanged, the board of directors said, noting that the name change marks a turning point to realize a strategy for strong, effective and comprehensive change, towards the goal of sustainable and prosperous development.

LPBank's AGM on April 15, 2024. Photo courtesy of the company.

LPBank's AGM on April 15, 2024. Photo courtesy of the company.

The shareholders passed the 2024 business plan with a pre-tax profit target reaching VND10.5 trillion ($413.3 million), up nearly 50% from 2023. Capital mobilized from individual and institutional customers is estimated to expand 11% to VND317.38 trillion ($12.5 billion), while the bad debt ratio will be kept low.

The meeting also adopted the offering of shares to existing shareholders for a maximum of VND8 trillion, increasing its charter capital to VND33.6 trillion ($1.32 billion). After the issuance, LPBank will be among the group of banks with the highest charter capital in the system.

According to the board of directors, the capital raising aims to help the bank improve its financial capacity, operational scale, competitiveness and technological innovation. It will also create conditions for the lender to continue supporting businesses in particular and the economy in general to restore production and business activities.

The proceeds from the share offering will be used to meet customer needs for rural agricultural development, consumption, trade, processing and manufacturing. LPBank will prioritize loans in green fields such as renewable energy, clean energy, low-carbon production and consumption industries, contributing to sustainable development of the community and the country.

In 2023, LPBank successfully increased its charter capital to VND25.58 trillion (over $1 billion) through issuing shares to pay dividends to existing shareholders at a rate of 19%, and successfully offering shares worth VND5 trillion ($196.8 million) to existing shareholders, lifting its charter capital by nearly 48% compared to 2022.

After the capital increase, LPBank ranked second out of 20 listed banks implementing capital raising in 2023 in terms of growth rate, 10th among 27 listed banks in terms of charter capital, and 11th out of 35 commercial banks in Vietnam.

LPBank is listed on the Ho Chi Minh Stock Exchange as LPB, which closed Wednesday at VND20,100 ($0.79) per share, up 3.34% despite Vietnam’s benchmark VN-Index plunging nearly 21 points.

Comments (0)
  • Read More
Trung Nam Group’s solar power unit reports $5.3 mln in 2024 after-tax profit

Trung Nam Group’s solar power unit reports $5.3 mln in 2024 after-tax profit

Trung Nam Thuan Nam Solar Power Co., Ltd., a subsidiary of Vietnamese private conglomerate Trungnam Group, has announced a strong financial recovery in 2024, with an after-tax profit of VND138 billion ($5.28 million).

Companies - Tue, July 29, 2025 | 1:30 pm GMT+7

Southern Vietnam port operator Phuoc An posts heavy loss as forecast

Southern Vietnam port operator Phuoc An posts heavy loss as forecast

Dong Nai province-based Petrovietnam Phuoc An Port Investment and Operation JSC (UPCoM: PAP) reported a post-tax loss of over VND125 billion ($4.78 million) in Q2/2025, its highest quarterly loss to date, due to revenue falling short of covering cost of goods sold and financial expenses.

Companies - Tue, July 29, 2025 | 10:37 am GMT+7

Council formed to appraise investment proposals for Cai Mep Ha downstream port complex in HCMC

Council formed to appraise investment proposals for Cai Mep Ha downstream port complex in HCMC

A state appraisal council will be established to review investment proposals for the Cai Mep Ha downstream port complex project in Ho Chi Minh City, under a decision recently signed by Deputy Prime Minister Tran Hong Ha.

Economy - Tue, July 29, 2025 | 10:12 am GMT+7

Vietnam's pharma major Phytopharma posts 24% decline in Q2 profit

Vietnam's pharma major Phytopharma posts 24% decline in Q2 profit

Ho Chi Minh City-headquartered Phytopharma, one of the leading pharmaceutical firms in Vietnam, reported an after-tax profit of VND15 billion ($57,340) in the second quarter of this year, down 24% year-on-year.

Companies - Tue, July 29, 2025 | 9:30 am GMT+7

Vietnam Rubber Group proposes renewable energy investment in central province

Vietnam Rubber Group proposes renewable energy investment in central province

The state-controlled Vietnam Rubber Group (VRG) is eyeing opportunities to study renewable energy development on rubber plantation land in the central province of Gia Lai, in line with a new resolution by local authorities.

Companies - Tue, July 29, 2025 | 8:00 am GMT+7

Vietnam's retail giant Mobile World posts record revenue in Q2

Vietnam's retail giant Mobile World posts record revenue in Q2

Mobile World Investment Corporation (MWG), a leading retailer in Vietnam, delivered its highest-ever quarterly revenue in Q2/2025, rising nearly 10% from a year earlier to over VND37.52 trillion ($1.44 billion).

Companies - Mon, July 28, 2025 | 4:23 pm GMT+7

Techcombank named domestic retail bank of the year by Asian Banking & Finance for 4th consecutive year

Techcombank named domestic retail bank of the year by Asian Banking & Finance for 4th consecutive year

Techcombank has been named Domestic Retail Bank of the Year - Vietnam at the Asian Banking & Finance Retail Banking Awards 2025.

Companies - Mon, July 28, 2025 | 3:06 pm GMT+7

Navigating tariff shocks: Vietnam’s path forward through diversification

Navigating tariff shocks: Vietnam’s path forward through diversification

Market diversification is not a choice but an urgent necessity for Vietnam to safeguard export growth and mitigate risks from global policy and market fluctuations, writes Huong Vu, general director of EY Consulting Vietnam Joint Stock Company and vice chairwoman of Vietnam's Association of Foreign Invested Enterprises (VAFIE).

Consulting - Mon, July 28, 2025 | 2:16 pm GMT+7

UK Jadestone Energy seeks more cooperation with Petrovietnam

UK Jadestone Energy seeks more cooperation with Petrovietnam

UK Jadestone Energy, an independent upstream production and development company focused on the Asia-Pacific region, is eyeing opportunities to further cooperate with Vietnam's state giant Petrovietnam.

Energy - Mon, July 28, 2025 | 10:30 am GMT+7

Malaysia urges strengthening intra-ASEAN trade

Malaysia urges strengthening intra-ASEAN trade

Malaysia is focusing on strengthening the ASEAN economic framework by boosting intra-bloc trade to ensure the continuity of the region’s agenda, Malaysian Foreign Minister Datuk Seri Mohamad Hasan said last Thursday.

Southeast Asia - Mon, July 28, 2025 | 10:26 am GMT+7

Vietnam's fertilizer major PVFCCo launches new product using 100% potassium sulphate

Vietnam's fertilizer major PVFCCo launches new product using 100% potassium sulphate

Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo or Phu My Fertilizer), has officially introduced its new product to the market: NPK PHU MY 15-15-15+5S+TE SOP, an advanced nutritional solution that contributes to the sustainable development of Vietnam’s agricultural sector.

Companies - Mon, July 28, 2025 | 10:19 am GMT+7

Vietnam insurer MIC earns B++ credit rating, sets sights on becoming regional leading digital insurer

Vietnam insurer MIC earns B++ credit rating, sets sights on becoming regional leading digital insurer

Vietnam’s Military Insurance Corporation (MIC), listed on the Ho Chi Minh Stock Exchnage as MIG, has secured a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” (Good), both with a stable outlook, from global credit rating agency AM Best.

Finance - Mon, July 28, 2025 | 9:55 am GMT+7

Military Bank leads in CASA ratio, securing spot among Vietnam’s Big 5 lenders

Military Bank leads in CASA ratio, securing spot among Vietnam’s Big 5 lenders

Hanoi-based Military Bank’s (MB) emerged as a banking sector leader in current account savings account (CASA) ratio from mid-2024 to Q1/2025, earning a spot among Vietnam’s Big 5 lenders.

Banking - Mon, July 28, 2025 | 9:44 am GMT+7

HCMC-based Thuduc House returns to profit under new board of directors

HCMC-based Thuduc House returns to profit under new board of directors

Thuduc Housing Development Corporation (Thuduc House) posted nearly VND19 billion ($726,720) in H1 net profit, a sharp turnaround from a loss of more than VND33 billion ($1.26 million) in the same period last year.

Companies - Mon, July 28, 2025 | 9:32 am GMT+7

HCMC institute proposes standardized EV battery recycling center

HCMC institute proposes standardized EV battery recycling center

As part of a roadmap to transition 400,000 vehicles to electric in Ho Chi Minh City, the municipal Institute for Development Studies (HIDS) has proposed building a standardized battery recycling center or plant capable of recovering up to 95% of the valuable metals in EV batteries.

Economy - Mon, July 28, 2025 | 9:00 am GMT+7

AI cannot match human empathy, creativity: fintech company exec

AI cannot match human empathy, creativity: fintech company exec

AI automates a range of repetitive office tasks such as data analysis and reporting but cannot have the same emotions and creativity as humans, said Colin Blackwell, chairman of Hyperion Fintech, a Swiss financial technology services company.

Executive Talk - Mon, July 28, 2025 | 8:05 am GMT+7