LPBank officially changed its name to Loc Phat Bank

Lien Viet Post Joint Stock Commercial Bank (LPBank - HoSE: LPB) has just announced the State Bank's Decision on amending the contents of the bank's establishment and operation license.

Accordingly, Lien Viet Post Joint Stock Commercial Bank will change its name to Loc Phat Vietnam Joint Stock Commercial Bank, the corresponding English name is Fortune Vietnam Joint Stock Commercial Bank, and the English abbreviation is LPBank and the listed stock code is LPB remains the same.

Previously, LPBank's 2024 Annual General Meeting of Shareholders approved the bank's name change. LPBank's representative shared at the meeting: "The Bank's name change marks an important turning point in the current period to realize the strategy of strong and comprehensive change, towards the goal of sustainable development and prosperity".

The name "Loc Phat Bank" in the concept of East Asians also means creating development, wealth, luck, prosperity and prosperity.

Previously, in 2023, the bank changed its abbreviated name from LienVietPostBank to LPBank, after Vietnam Post Corporation (VNPost) planned to divest. Major changes took place after Mr. Nguyen Duc Thuy became Chairman of LPBank's Board of Directors at the end of 2022.

Regarding business situation, after announcing that it would change its name to Loc Phat, LPBank had "good fortune" when recording business results in the first quarter of 2024 with net interest income of VND 3,464 billion, an increase of nearly 25% over the same period last year.

During the period, the bank reduced credit risk provisioning costs to nearly VND215 billion, down slightly by 4% compared to the same period last year.

As a result, LPBank reported pre-tax profit of VND2,886 billion, up 84%; after-tax profit reached nearly VND2,299 billion, up nearly 85% over the same period last year.

In the latest development, LPBank plans to adjust its charter capital increase plan in 2024 from offering shares to existing shareholders to issuing shares to pay dividends.

The bank's Board of Directors said it will submit to the General Meeting of Shareholders for approval the adjustment of the charter capital increase plan in 2024 through the issuance of shares to pay dividends from undistributed after-tax profits in 2023 at the nearest General Meeting of Shareholders to ensure maximum shareholder benefits.

The expected dividend payout ratio is 16.8%. According to LPBank's General Meeting of Shareholders documents, in 2023, the bank recorded a profit after tax and provision for funds in 2023 of VND 4,236 billion, after adding the remaining profit from previous years and LPBank's equity surplus of more than VND 4,345 billion.

Thus, if the plan to pay dividends in shares is approved, LPBank's charter capital will increase by VND25,576 billion to VND29,873 billion.

On the stock market, at the end of the trading session on July 16, LPB shares increased by 0.64% compared to the previous session to VND 31,600/share with a trading volume of nearly 2.9 million shares.

Source: https://www.nguoiduatin.vn/lpbank-chinh-thuc-doi-ten-thanh-ngan-hang-loc-phat-204240716162212756.htm