Lien Viet Post Joint Stock Commercial Bank (LPBank) has just announced its financial report for the fourth quarter of 2023 with a spectacular breakthrough in profit, thereby bringing the profit of 2023 to a record high.

In the fourth quarter of 2023 alone, LPBank achieved more than VND 3,352 billion in pre-tax profit, a sharp increase of 286% over the same period last year.

The above results have brought the pre-tax profit for the whole year of 2023 to VND 7,040 billion, up 24% compared to 2022 and completing 117% of the annual plan. Profit from business activities before credit risk provision expenses is VND 9,865 billion.

LPBank's financial report shows that customer deposits as of December 31, 2023 reached more than VND 237,391 billion, an increase of 10% over the same period; credit growth reached 18% with approximately VND 272,000 billion.

Some key targets in 2023 also achieved positive results such as: net profit from service activities reached 3,565 billion VND, up 114%; net profit from foreign exchange trading activities reached 436 billion VND, up 4,000%.

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LPBank has an impressive year of business results

However, this bank lost more than 5 billion VND from investment securities trading activities, while in 2022 this activity brought in a profit of 345 billion VND.

2023 is a special year for LPBank as the bank changes its brand identity and abbreviation. More importantly, the bank has made reforms to key positions in the board of directors (BOD) and the board of general directors.

This is also the first year LPBank operates under Chairman of the Board of Directors Nguyen Duc Thuy (Bau Thuy), who was elected to the chairmanship from December 2022.

As a result, asset quality has improved rapidly. As of December 31, 2023, the bank's bad debt ratio reached 1.26%, lower than the same period (1.45%), making LPBank one of the banks with the lowest bad debt in the industry.

As of December 31, 2023, LPBank's total assets reached VND 382,953 billion, an increase of 17% compared to the beginning of the year. Also in 2023, LPBank increased its charter capital from VND 17,291 billion to VND 25,576 billion, an increase of 48% compared to the beginning of the year, becoming one of the banks with the largest charter capital in the system.

Looking back at LPBank's business results over the past 5 years, there has been a continuous breakthrough. With more than 7,000 billion VND in profit in 2023, this number has grown spectacularly, increasing by 245% compared to the profit in 2019.

Even compared to 6 years ago, LPBank's 2023 profit increased by 481% compared to the results of 2018.

Before LPBank Securities, Mr. Thuy was the boss of which securities company? Mr. Nguyen Duc Thuy's relationship with securities is not only through LPBank - where he has been Chairman of the Board of Directors since the end of 2022. More than 10 years ago, this trillion-dollar 'CEO' was the chairman of a securities company.