Mr. Ho Nam Tien was appointed General Director of LPBank.

The State Bank has just issued an official dispatch approving the appointment of Mr. Ho Nam Tien as General Director of Lien Viet Post Joint Stock Commercial Bank (LPBank, HoSE: LPB).

Previously, on March 17, 2023, LPBank's Board of Directors assigned Mr. Ho Nam Tien the position of Acting General Director, assuming the powers and duties of the General Director.

Mr. Ho Nam Tien was born in 1971 and has a Master's degree in Banking. He has 30 years of experience working in the field of finance and banking and has held senior management roles in financial organizations and institutions.

The new CEO joined LPBank in 2010 and has 13 years of experience in senior leadership positions here. He is expected to lead LPBank to complete its strategic goals for the period 2023 - 2028, aiming for strong and comprehensive changes towards new and more outstanding development milestones.

Mr. Tien held the position of Acting General Director of the bank in mid-March, replacing Mr. Pham Doan Son, who resigned for personal reasons.

Finance - Banking - Mr. Ho Nam Tien was appointed General Director of LPBank — Mr. Ho Nam Tien was officially appointed as General Director of LPBank.

Regarding business performance, at the end of the first quarter of 2023, the bank reported pre-tax profit of VND 1,566 billion, down 12.8% over the same period.

Of which, the main income is net interest income, down 3.5% over the same period, reaching 2,774 billion VND. Net profit from other business activities lost 11.5 billion while in the same period, it was 191 billion VND.

In contrast, foreign exchange trading brought in VND145 billion in net profit, while in the same period last year it lost nearly VND15 billion, thanks to an increase in revenue from spot foreign exchange trading of VND37 billion. Although the profit was only VND40 million, investment securities activities were also more positive than in the same period last year when they lost VND9.5 billion.

Net profit from service activities also increased by 4.1%, reaching VND226 billion. Foreign exchange trading activities earned a profit of VND145 billion while in the same period last year, they lost more than VND14 billion.

As of March 31, 2023, the bank's total assets increased by 2.9% compared to the beginning of the year to more than VND 337,197 billion. Of which, customer loans increased by 2.8%, reaching VND 242,116 billion. In the debt structure, the bad debt balance increased by 2.8% to VND 3,522 billion, but the bad debt ratio remained at 1.5% .

Source