August 1, 2021

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LienVietPostBank double profit in the same period

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LienVietPostBank’s pre-tax profit reached more than VND 2,000 billion, the highest semi-annual profit since the bank announced its business results.

Accumulated in the first 6 months, the pre-tax profit of Lien Viet Post Bank (LienVietPostBank) reached VND 2,037 billion, doubled over the same period. This is the highest growth rate among similar groups in terms of profit scale such as VIB, TPBank, and OCB. Compared to the whole year plan, LienVietPostBank has completed more than two thirds of the profit target.

Net income from services, lending and foreign exchange business are the three main factors contributing to the bank’s profit growth. In the first 6 months, net interest income reached VND 4,231 billion, up nearly half over the same period.

Recently, the bank’s income structure has shifted towards increasing the proportion of non-interest income, reducing dependence on credit activities. As a result, this bank has 86% more net profit from service activities over the same period, recording 390 billion dong. In which, insurance commission collection increased by nearly 90%. LienVietPostBank continues to be in the top of the units with the fastest growth in bancassurance sales in the market.

In addition, other service activities of LienVietPostBank also recorded good growth, especially cards and digital banking. At the same time, the bank also focuses on increasing revenue from other activities such as foreign currency trading and securities trading to diversify revenue sources.

LienVietPostBank staff are advising customers on card services. Image: LPB.

As of the end of June, LienVietPostBank had total assets of VND 255,497 billion, up 5% compared to the beginning of the year and achieving more than 90% of this year’s plan. In which, loans to customers account for nearly three-quarters of total assets. Customer’s deposit balance increased by nearly 7% compared to the beginning of the year. Market capital mobilization 1 exceeded 221,500 billion dong.

The bank’s bad debt balance at the end of the period increased by 1.2% to 2,557 billion dong. In the first 6 months of the year, LienVietPostBank had to deduct nearly VND 616 billion for the cost of credit risk provisions, an increase of nearly 3 times over the same period. However, credit quality still improved when the bad debt ratio decreased to 1.34%, lower than 1.43% at the end of 2020.

Siddhartha

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