LienVietPostBank’s Q1 profit was double that of the same period last year

LienVietPostBank’s share of retail growth in Q1 credit growth of more than 80% shows the bank’s consistent orientation towards the retail segment.

Head office of LienVietPostBank. (Photo: Vietnam +)

Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank – stock code LPB) achieved a pre-tax profit of VND1,112 billion in the first quarter of 2021, nearly double the same period last year.

This is the quarter with the best business results ever, even exceeding the profit of some previous years of operation of LienVietPostBank.

In addition, by the end of March 31, total assets of LienVietPostBank reached more than 245,200 billion, up over 20% over the same period last year. Capital mobilization from economic organizations and individuals continued to grow well, reaching nearly VND206,300 billion, in addition, outstanding loans from this sector reached over VND 183,100 billion, an increase of more than VND 6,100 billion compared to the end of the year. 2020.

Notably, the proportion of retail growth in credit growth in Q1 reached more than 80%, indicating a consistent orientation of the bank towards the retail segment.

In the insurance segment sold through the banking channel (Bancassurance), LienVietPostBank is among the top commercial banks with the highest sales in the market. Along with the efforts in business and service development, by the end of the first quarter, LienVietPostBank’s net service revenue reached VND 162 billion, an increase of nearly 70% over the same period last year.

On the HOSE, stock LPB is in the group share had the highest market price growth in Q1, up nearly 40%, from 12,400 VND / share in the trading session on 31/12/2020 to 17,350 VND / share in the trading session on 31/3 and now is reaching the price of nearly 19,000 dong / share.

In mid-March, credit rating agency Moody’s upgraded LienVietPostBank’s outlook to “Stable.” This result reflects the bank’s financial capacity, good risk management and long-term development opportunities.

According to the plan, on April 29, LienVietPostBank will hold the Annual General Meeting of Shareholders, it is expected that this year, the bank will set a plan. profit before tax is 3,200 billion. Thus, with the first quarter results reaching 1112 billion, LienVietPostBank has fulfilled about 35% of the profit target in this year’s business plan./.