LPBank will change its name to Loc Phat Vietnam Commercial Joint Stock Bank

On the afternoon of April 17, the 2024 Annual General Meeting of Shareholders of Lien Viet Post Joint Stock Commercial Bank (LPBank, HoSE: LPB) took place successfully.

One of the important contents approved at the 2024 Annual General Meeting of Shareholders of LPBank is the name change to Loc Phat Vietnam Joint Stock Commercial Bank. The English name is Loc Phat Vietnam Joint Stock Commercial Bank. Thus, the English abbreviation LPBank remains unchanged.

LPBank representative shared at the Congress: "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.

Mr. Nguyen Duc Thuy, Chairman of LPBank's Board of Directors, answered shareholders at the meeting on the afternoon of April 17.

Reporting at the Congress, the bank's Board of Directors said that LPBank has exceeded a number of targets assigned by the General Meeting of Shareholders.

Regarding business results, consolidated pre-tax profit reached VND 7,039 billion, up 24%, market credit 1 grew 16.8%, reaching VND 275,453 billion, operating indicators ROAE ~ 19.16%, CAR ~ 12.24%. The ratio of short-term capital for medium and long-term loans and other safety indicators met international regulations and practices.

With high consensus, LPBank's General Meeting of Shareholders approved the 2024 business plan with pre-tax profit reaching VND 10,500 billion, an increase of nearly 50% compared to 2023. Capital mobilized from market 1 is estimated to increase by 11% to VND 317,380 billion. The bad debt ratio continues to remain low.

At the congress, the bank also approved a plan to increase charter capital in 2024 through offering shares to existing shareholders. If successful, LPBank's expected charter capital will reach VND33,576 billion.

Sharing at the Congress, the Bank's leaders said that to achieve this goal, LPBank will continue to promote and perfect the new organizational model, accelerate digital transformation, improve risk management capacity, promote credit activities in priority areas, increase the proportion of income from non-credit activities, in parallel with the strategic orientation associated with sustainable development.

Responding to shareholders at the General Meeting of Shareholders, LPBank's Board of Directors said that the bank has no plans to pay dividends for 3 years from 2024. Profits generated will be used to supplement capital for business operations, invest in key projects, gradually build a foundation and enhance financial capacity .

Source: https://www.nguoiduatin.vn/lpbank-se-doi-ten-thanh-ngan-hang-tmcp-loc-phat-viet-nam-a659550.html