Lien Viet Post Joint Stock Commercial Bank (LPBank, HoSE: LPB) has just announced that Mr. Nguyen Duc Thuy (Bau Thuy) - Chairman of the Board of Directors has just registered to exercise the right to buy more than 13.8 million shares during the period of September 8 - 26. Currently, Mr. Thuy holds 2.756% of LPBank's charter capital, equivalent to 47.8 million LPB shares.
On August 23, LPBank finalized the list of shareholders to issue preferential shares at a rate of 28.9% (shareholders owning 100 shares can buy 28.92 more shares). The bank plans to issue nearly 500 million more shares to offer to existing shareholders, thereby raising nearly 5,000 billion VND in charter capital.
Thus, with 47.8 million shares currently held, Mr. Thuy is allowed to buy more than 13.8 million LPB shares with an expected purchase value of more than 138 billion VND. If the purchase is successful, Mr. Thuy will increase the number of shares held in this bank to nearly 61.63 million units.
LPB stock price movement (Source: FireAnt).
August 23 is also the last registration date for LPBank shareholders to receive a 19% stock dividend (shareholders owning 100 shares will receive 19 new shares). As a result, the bank reported distributing more than 328.5 million shares in this dividend payment, thereby increasing its charter capital to more than VND20,576 billion.
In 2023, LPBank plans to increase its charter capital by a total of more than VND 11,385 billion, equivalent to issuing an additional 1.14 billion shares. Of which, 328.53 million shares will be issued to pay dividends at a rate of 19%; 500 million shares will be offered to existing shareholders; 300 million shares will be offered privately to foreign investors; 10 million shares will be issued under the employee stock option program (ESOP).
Implementation time is in 2023 - 2024 after approval from competent State agencies. After completing the issuances, LPBank's charter capital is expected to increase from over VND 17,291 billion to over VND 28,676 billion.
On the other hand, on August 25, Deputy General Director Vu Quoc Khanh registered to sell 200,000 LPB shares for personal purposes through negotiation and order matching. The transaction period is from August 31 to September 29, 2023.
If the transaction is successful, Mr. Khanh will reduce his ownership ratio at LPBank from 0.058% to 0.046% of the bank's charter capital, equivalent to reducing the number of LPB shares from more than 1 million to 800,853 shares. Temporarily calculating at the current market price, it is expected that Deputy General Director Vu Quoc Khanh will earn about more than 3 billion VND from this capital divestment.
On the stock market, at the end of the trading session on August 31, LPB code increased slightly to 16,050 VND/share. This is the 9th consecutive increase of this stock.
Closing the second quarter, the bank's net interest income recorded more than VND2,450 billion, down 20% compared to the same period. Non-interest income sources also followed a downward trend, such as net interest income from service activities down 18% to VND249.3 billion, net interest income from foreign exchange trading down 64% to nearly VND19 billion.
Notably, LPBank recorded a loss of VND4.5 billion from trading investment securities, while in the same period it made a profit of VND356.2 billion. The only bright spot in non-interest income was a profit of VND30.2 billion from trading business securities, while in the same period it did not arise.
As a result, LPBank reported pre-tax profit and after-tax profit decreased by 51% compared to the same period, reaching VND880.4 billion and VND708.2 billion, respectively.
Accumulated in the first 6 months of the year, LPBank reported a profit after tax of more than 1,951.5 billion VND in the first half of 2023, down 32% over the same period. Compared to the target profit after tax of 4,800 billion VND for this year, after the first 6 months of the year, LPBank has only achieved 41% of the plan .
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