Accordingly, Lien Viet Post Joint Stock Commercial Bank will have a new Vietnamese name, “Loc Phat Vietnam Joint Stock Commercial Bank”. The full English name will change from “Lien Viet Post Join Stock Commercial Bank” to “Loc Phat Vietnam Join Stock Commercial Bank”.

The bank's abbreviated name remains "LPBank" - agreed to be converted from the old name "LienVietPost Bank" by the 2023 Annual General Meeting of Shareholders.

After being approved by the General Meeting of Shareholders, LPBank needs to wait for the approval of the State Bank before officially changing to a new name.

Previously, LPBank's Board of Directors had submitted a plan to change its Vietnamese name to "Vietnam Post Joint Stock Commercial Bank". However, this plan was withdrawn from the General Meeting of Shareholders documents at the last minute.

Chairman Nguyen Duc Thuy.jpg
LPBank Chairman of the Board of Directors Nguyen Duc Thuy answered shareholders' questions at the meeting. Photo: LPB.

The General Meeting of Shareholders approved the 2024 business plan with the target of total assets reaching VND 427,260 billion (an increase of 44.397% compared to 2023), pre-tax profit of VND 10,500 billion (an increase of 3.46%).

LPBank shareholders also agreed not to pay dividends in the next 3 years to focus resources on supplementing capital for business operations and investing in key projects. Therefore, the bank will not pay dividends in 2023 even though the total profit and remaining equity surplus after distribution is VND 4,345 billion.

LPBank's 2024 Annual General Meeting of Shareholders also approved the plan to increase charter capital. The expected implementation time is 2024 or 2025.

It is expected that LPBank's charter capital will increase by a maximum of VND8,000 billion, corresponding to the issuance of an additional 800 million new shares. Accordingly, the charter capital is expected to increase to about VND33,576 billion, corresponding to more than 3.357 billion shares in circulation.

In 2023, LPBank completed the issuance of shares to pay dividends to existing shareholders at a rate of 19%, and successfully offered 500 million shares to existing shareholders with an offering value of VND 5,000 billion. The bank's charter capital after implementation reached VND 25,576 billion.

Before the General Meeting of Shareholders, LPBank also revealed its business results for the first quarter of 2024 with pre-tax profit reaching VND 2,886 billion (a sharp increase of 84.36% compared to the first quarter of 2023), completing 27.49% of the annual plan. After-tax profit for the first quarter of 2024 reached VND 2,299 billion, an increase of 84.88% over the same period.

According to the report, in 2023, LPBank will achieve VND 7,039 billion in pre-tax profit, up 24% compared to 2022 and complete 117% of the plan assigned by the General Meeting of Shareholders. The bank's total assets will reach VND 382,863 billion, up 17% compared to 2022, completing 102% of the plan.