Lien Viet Post Joint Stock Commercial Bank (LPBank - HoSE: LPB) recently announced documents for the 2024 Annual General Meeting of Shareholders (AGM).
Accordingly, by the end of 2023, LPBank's total assets will reach VND 382,863 billion, reaching 102% of the set plan. The bank's pre-tax profit will reach 117% of the set plan, reaching VND 7,039 billion.
Regarding the profit distribution plan, LPBank's Board of Directors plans to submit to the General Meeting of Shareholders a strategy of not paying dividends in the next 3 years to build a foundation and strengthen financial capacity by using profits to supplement capital for business operations.
All remaining profits after setting aside funds for 2023, remaining profits from previous years carried over and equity surplus (VND 4,345 billion) will be retained.
Entering 2024, LPBank aims to increase total assets to VND427,260 billion, 11.6% higher than last year. The bank targets pre-tax profit of VND9,500 billion, up nearly 35% compared to 2023 results.
Market 1 mobilization is expected to reach VND317,380 billion, up 11.2%, while market 1 credit is expected to increase 15.9%, to VND319,140 billion.
At the same time, LPBank also plans to submit to the General Meeting of Shareholders a plan to increase charter capital by a maximum of VND8,000 billion through the offering of 800 million shares to existing shareholders after being approved by the State Bank and the State Securities Commission.
The expected offering price is not lower than the par value, the specific price will be authorized to the Board of Directors for decision. After the offering, LPBank's charter capital is expected to increase from VND 25,576 billion to VND 33,576 billion.
Regarding the necessity of increasing charter capital, LPBank informed that increasing charter capital helps the bank improve its financial capacity, scale of operations, competitiveness and technological innovation, aiming for sustainable development in 2024 and the following years.
Regarding the private offering of shares to foreign investors of up to VND 3,000 billion and the issuance of shares under the bank's employee stock option program (ESOP) of up to VND 100 billion, based on the market situation and the actual implementation of the share issuance plan, LPBank's Board of Directors plans to submit to the General Meeting of Shareholders not to make the offering according to the plan to increase charter capital in 2023.
At the same time, submit to the General Meeting of Shareholders to offer additional shares to existing shareholders according to the plan to increase charter capital in 2024.
Another notable point is that LPBank's Board of Directors also proposed to change the bank's name to: "Vietnam Post Commercial Joint Stock Bank", the English name is "Vietnam Post Commercial Joint Stock Bank", the transaction name is "Vietnam Post Bank". However, the abbreviated name LPBank will still be kept.
According to LPBank, since 2011, it has used the name “Lien Viet Post Joint Stock Commercial Bank”. However, in the process of strong transformation and comprehensive development, the bank needs a new name to suit the situation.
In addition, LPBank's Board of Supervisors also submitted a document to the General Meeting of Shareholders approving the dismissal of Mr. Nguyen Phu Minh from the position of Board of Supervisors member for the 2023-2028 term. On March 27, Mr. Minh submitted a resignation letter due to the reason that he did not have enough time to assume the role of Board of Supervisors member.
Recently, LPBank also announced to change the date of the General Meeting of Shareholders from April 27 to 1:00 p.m. on April 17. The meeting venue will still be Ninh Binh Legend Hotel, No. 177 Le Thai To Street, Xuan Thanh Urban Area, Ninh Khanh Ward, Ninh Binh City, Ninh Binh .
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