LPBank Shareholders' Meeting: Renaming the Bank to better suit the new development stage

On the afternoon of April 17, at the 2024 Annual General Meeting of Shareholders, Lien Viet Post Joint Stock Commercial Bank ( LPBank , stock code: LPB) approved the name change in the near future.

Chairman of the Board of Directors - Mr. Nguyen Duc Thuy

Approval of the plan to rename the Bank to better suit the new development stage One of the important contents approved at the 2024 Annual General Meeting of Shareholders of LPBank is the renaming to Loc Phat Vietnam Joint Stock Commercial Bank. English name: Loc Phat Vietnam Joint Stock Commercial Bank. Thus, the English abbreviation: LPBank (eo-pi-bank) remains unchanged. LPBank representative shared at the Congress: "The renaming of the Bank marks an important turning point in the current period to realize the strategy of strong change, comprehensive effectiveness, towards the goal of sustainable development and prosperity". The name "Loc Phat Bank" in the concept of East Asians also means creating development, fortune, luck, prosperity and prosperity. In its business philosophy, LPBank always focuses on bringing benefits to partners, customers, shareholders, employees and the community. LPBank commits that customers will always receive the Bank's support through effective financial solutions throughout the development process. The Bank's goal is to reposition and elevate the LPBank brand in the new development phase, aiming to serve customers better and become one of the leading banks in Vietnam.

LPBank Annual General Meeting of Shareholders 2024

Solid foundation creates momentum for breakthroughs. Reporting at the General Meeting, the Board of Directors of the Bank said that LPBank has exceeded a number of targets assigned by the General Meeting of Shareholders. Regarding business results, consolidated pre-tax profit reached VND 7,039 billion, up 24%, market credit 1 grew 16.8%, reaching VND 275,453 billion, operating indicators were top of the market (ROAE ~ 19.16%, CAR ~ 12.24%). The ratio of short-term capital for medium and long-term loans and other safety indicators met international regulations and practices. LPBank was also recognized with many prestigious awards such as Excellent Enterprise in Asia, Top 500 banks with the highest brand value globally and one of the 14 most important banks in the system. In August 2023, the international credit rating agency Moody's Investors Service (Moody's) continued to maintain the B1 rating, Stable outlook in the Long-term Deposit/Long-term Issuer category of LPBank. Moody's also maintained the Ba3 rating for the Bank's Long-term Counterparty Risk Criteria in local/foreign currencies and the Bank's Long-term Counterparty Risk Assessment Criteria. This is a testament to LPBank's efforts in increasing capital scale, improving asset quality, enhancing risk control and profitability despite negative impacts of the economy . The Bank actively participates in social security activities, joining hands to contribute to the community. As a leading bank in implementing social responsibilities, LPBank has repeatedly implemented programs to waive and reduce interest and fees to support people and businesses to overcome difficulties, stabilize their lives and restore production. Setting sustainable business goals 2024 is forecasted to have many challenges, however, on the basis of the successes achieved, LPBank is steadfast in its strategic motto "Strong growth - Comprehensive efficiency - Sustainable development". With high consensus, LPBank's General Meeting of Shareholders approved the 2024 business plan with pre-tax profit reaching VND 10,500 billion, an increase of nearly 50% compared to 2023. Capital mobilized from the market 1 is estimated to increase by 11% to VND 317,380 billion. The bad debt ratio continues to be maintained at a low level. At the General Meeting, the Bank also approved the plan to increase charter capital in 2024 through offering shares to existing shareholders. If successful, LPBank's expected charter capital will reach VND 33,576 billion. Sharing at the Congress, the Bank's leaders said that to achieve this goal, LPBank will continue to promote and perfect the new organizational model, accelerate digital transformation, improve risk management capacity, promote credit activities in priority areas, increase the proportion of income from non-credit activities, in parallel with the strategic orientation associated with sustainable development. Responding to shareholders at the General Meeting of Shareholders, LPBank's Board of Directors said that the Bank has no plans to pay dividends for three years from 2024. The profits generated will be used to supplement capital for business activities, invest in key projects, gradually build the foundation and strengthen financial capacity.

Responding to shareholders at the meeting, Mr. Nguyen Duc Thuy, Chairman of the Board of Directors, said that LPBank's business strategy orientation in the coming years includes: 1. Developing retail customers, especially in rural areas 2. Promoting Digital Transformation, digitizing banking activities 3. Increasing the proportion of service fees 4. Improving the quality of human resources and increasing labor productivity 5. Improving risk management capacity 6. Bringing the best benefits to shareholders and customers.