On May 12, 2023, the State Bank issued a decision allowing Lien Viet Post Joint Stock Commercial Bank (HoSE: LPB) to change its English abbreviation from LienVietPostBank to LPBank.
This is an important event for the bank, the change to a new abbreviation - LPBank is considered to capture the general trend of banks today, the shortest possible abbreviation, easy to read, easy to remember.
The change of name and brand identity of LPBank marks a period of transformation, comprehensive and strong change for the bank into a new phase.
In the coming time, LPBank will continue to comprehensively change the logo system and LPBank brand identity to synchronize services, products and enhance customer experience.
After more than 15 years of establishment and development, LPBank is now one of the joint stock commercial banks with a large network of more than 1,200 transaction points nationwide.
LPBank logo.
Regarding business performance, at the end of the first quarter of 2023, the bank reported pre-tax profit of VND 1,566 billion, down 12.8% over the same period.
Of which, the main income is net interest income, down 3.5% over the same period, reaching VND2,774 billion. Net profit from other business activities lost VND11.5 billion while in the same period, it was VND191 billion.
In contrast, foreign exchange trading brought in VND145 billion in net profit, while in the same period last year it lost nearly VND15 billion, thanks to an increase in revenue from spot foreign exchange trading of VND37 billion. Although the profit was only VND40 million, investment securities activities were also more positive than in the same period last year when they lost VND9.5 billion.
Net profit from service activities also increased by 4.1%, reaching VND226 billion. Foreign exchange trading activities earned a profit of VND145 billion while in the same period last year, they lost more than VND14 billion.
As of March 31, 2023, the bank's total assets increased by 2.9% compared to the beginning of the year to more than VND 337,197 billion. Of which, customer loans increased by 2.8%, reaching VND 242,116 billion. In the debt structure, the bad debt balance increased by 2.8% to VND 3,522 billion, but the bad debt ratio remained at 1.5% .
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