The State Bank of Viet Nam has approved the plan of Viet Nam Prosperity Joint Stock Commercial Bank (VPBank) to increase its current charter capital.

The hike from VND15.7 trillion (US$690 million) to VND25.2 trillion was approved at a VPBank shareholder meeting held on March 19, 2018.

The bank’s management board will take responsibility for the capital increase pursuant to current laws and regulations. VPBank was also required to submit a revised application of their charter capital to the central bank.

The document takes effect within 12 months from the date of signing. However, the document will lose its effectivity if the increase in charter capital is not completed in the allowable time.

In the first quarter of the year, VPBank’s total consolidated assets reached over VND284 trillion, representing a 24 per cent year-on-year rise. The bank’s deposit mobilisation and issued valuable papers stood at VND209.9 trillion, up 13 per cent from the same period last year.

Meanwhile, lending rose 24 per cent from the corresponding period last year to VND185.6 trillion. — VNS