LienVietPostBank's profit before tax in the second quarter was almost twice that of the previous year

DNHN - LienVietPostBank has reached 75 per cent of its aim of VND4,800 billion in pre-tax profit for the whole year of 2022 following the first half of the year.

According to the second quarter of 2022 financial results, Lien Viet Post Commercial Joint Stock Bank (LienVietPostBank, LPB/HoSE) recorded a pre-tax profit of more than VND 1,793 billion, a 94 per cent rise over the same time last year, despite a 57 per cent increase in costs. Make a contingency for credit risks.

LPB generated about VND 3,045 billion in net interest income in the second quarter, up 40% from the previous period, mainly to growth in retail credit scale and interest revenue on COVID-19 structural loans from customers who had recovered operational business activity.

In the second quarter, LienVietPostBank's profit before tax was almost twice that of the previous year.
In the second quarter, LienVietPostBank's profit before tax was almost twice that of the previous year.

Due to the expansion of important services like insurance, foreign payment, digital banking, and so on, service activities produced a profit of more than VND 303 billion, a 33 per cent increase. At the same time, the Bank efficiently leverages the benefits of its extensive network across the provinces, cities, and districts... and offers a wide range of goods and services to meet the demands of a wide range of client categories.

Other non-interest revenue streams increased as well, with profits from foreign currency trading over 52 billion dong and profits from purchasing and selling investment securities exceeding 356 billion dongs, whereas at the same time recorded a deficit.

This quarter, the LPB spent Vietnam over VND 637 billion on credit risk provisions, a 57 per cent increase. The bank posted a pre-tax profit of more than VND 1,793 billion, a 94 per cent increase over the previous year. LPB paid more than 949 billion dongs in the first six months to make provisions for credit risks; pre-tax earnings were approximately 3,589 billion dongs, up 76 per cent over the same period. LPB has achieved 75 per cent of its aim of VND4,800 billion in pre-tax profit for the whole year 2022 after the first half of the year.

The Bank's total assets reached VND 300,919 billion at the end of the second quarter, up 4% from the start of the year. Deposits at the State Bank fell by 51% (to VND 4,834 billion), deposits at other credit institutions fell by 11% (to VND 18,868 billion), loans to other credit institutions fell by 69% (to VND 358 billion), and loans to consumers rose by 9% (to VND 226,914 billion)...

PV

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