Third Quarter 2023: LPBank achieved positive financial results.

DNHN - Lien Viet Post Bank (LPBank, stock symbol LPB) has just released its financial results for the third quarter and first nine months of 2023.

Consequently, LPBank recorded positive credit growth in the first three quarters of the year, with total outstanding loans reaching 263,640 billion VND, an increase of 11.80% compared to the beginning of the year, and capital mobilization reaching nearly 274,580 billion VND, an increase of 9.4% compared to the end of 2022.

LPBank's credit growth in the first nine months of the year was primarily fueled by the retail lending segment, according to a deeper examination of its business performance. The retail loan portfolio comprises the majority of the bank's total loans. Combining traditional banking and digital banking, LPBank can offer a variety of products and services to customers by leveraging a large network to develop a small customer segment in rural areas and combining traditional banking with digital banking. Appropriate for the needs of numerous customer segments, which is an advantage for promoting the retail segment to generate future high-profit margins.

In the third quarter, LPBank's pre-tax profit reached VND 1,241 billion, an increase of 41% compared to the previous quarter, indicating a significant improvement in the bank's business operations, the continuation of growth momentum, and the possibility of a breakthrough in the final three months of the year. The accumulated pre-tax profit for the first three quarters of LPBank's fiscal year 2023 will reach VND 3,678 billion, a decrease of 24% compared to the same period last year but still completing 61.45% of the year's profit target.

With a spirit of constant innovation, creativity, and robust transformation, LPBank has continued to promote digitalization, actively invest in technological capacity, and service quality, and expand its cooperation network, as well as partner with reputable financial institutions to complete a modern digital ecosystem and provide the best customer experiences. At the end of September 2023, LPBank signed a contract with Temenos Group, the market-leading provider of core banking solutions, to provide core banking solutions Core banking T24. This project is anticipated by LPBank to mark a significant milestone in the Bank's digital transformation process by facilitating a technological breakthrough in the core technology platform.

LPBank confirms in the fourth quarter of 2023 that it will closely monitor market developments to provide flexible business solutions.

Bao Son