Vietnam’s LPBank owned 90% by shareholders holding less than 1% stake each

Over 90% of Hanoi-based Loc Phat Vietnam Joint Stock Commercial Bank, or LPBank, is held by shareholders who own less than a 1% stake each, according to its list of shareholders.

Among those who hold more than a 1% stake in the lender, Nguyen Duc Thuy, the chairman of the bank, owns 70.7 million LPBank shares, or 2.76%, while his associates hold 3,856 shares, or 0.0002%.

A major institutional shareholder of the bank is the state-owned VNPost Express JSC, which holds 167 million shares, or a 6.54% stake. VNPost’s associates own 225,466 LPBank shares, less than 0.09%.

There were 37,178 shareholders on the list of shareholders eligible to attend the lender’s 2024 AGM, held on April 17 this year. The meeting was attended by 138 shareholders and authorized representatives, representing 2.2 billion shares, or 86.32% of the total stake.

In the first half of this year, the lender, listed on the Ho Chi Minh Stock Exchange as LPB, posted VND5.9 trillion ($233.86 million) in pre-tax profit, up 142% year-on-year and fulfilling 56% of the 2024 target.

In the second quarter of 2024, its net profit surged 242% to VND2.42 trillion ($95.65 million).

This month, the State Bank of Vietnam, the country’s central bank, approved a name change for LPBank from Lien Viet Post Joint Stock Commercial Bank to Loc Phat Vietnam Joint Stock Commercial Bank.