Vietnam Post to divest entirely from LienVietPostBank

Vietnam Post (VNPost), as approved by the central bank, will divest all 122 million shares or a 10.15% stake of LienVietPostBank (LPB).

At the closing session on Wednesday, LPB shares price hit VND9,820 ($0.4) per unit on the Ho Chi Minh Stock Exchange.

Based on the market price of LPB, VNPost could earn more than VND1,198 billion ($48.21 million) if it divests successfully.

At the beginning of 2022, VNPost once offered to auction more than 122 million LPB shares with a starting price of VND28,930 ($1.16) per unit. The auction took place unsuccessfully after the registration deadline (from January 25 to February 16) to buy shares expired. Only seven domestic individual investors registered to buy a total of 800 LPB shares, equivalent to proceeds of more than VND23 billion ($926,000).

In the first nine months of 2022, the bank's pre-tax profit reached more than VND4,800 billion ($193 million), up 72% year-on-year; after-tax profit hit more than VND3,842 billion ($154.6 million).

Of this, net profits from service activities reached VND779 billion ($31.35 million), up 43% year-on-year.

In 2022, the bank targeted pre-tax profit at VND4,800 billion ($193.2 million), up 32% compared to 2021. Therefore, after only the first nine months of the year, LienVietPostBank has completed its profit target for the whole year.

By September 30, 2022, the bank's total assets reached more than VND313 trillion ($12.6 billion), an increase of 8.5% compared to the beginning of the year. Outstanding loans to customers reached nearly VND228 trillion ($9.18 billion), while customer deposits hit more than VND193 trillion ($7.77 billion).

Its non-performing loans (NPL) ratio decreased from 1.39% at the end of June 2022 to 1.32% at the end of September.