Lien Viet Post Commercial Joint Stock Bank (LienVietPostBank) met 95 per cent of its VND1.5 trillion (US$65.79 million) pre-tax profit planned for the entire 2017 by the end of September.

According to the bank’s Q3 financial report, it posted pre-tax profit of VND523 billion in the third quarter, bringing total profit in the first nine months to VND1.43 trillion, up 66 per cent year-on-year.

Most of the bank’s business activities reported making profits in the period, of which net interest income increased by 23.3 per cent to VND1.36 trillion and profit from services tripled to nearly VND24 billion.

By the end of September, the bank’s total assets rose 4.4 per cent to more than VND148 trillion. Its total outstanding loans reached VND94.86 trillion, up 19 per cent, while mobilised capital rose only 10.3 per cent to VND122.44 trillion. However, the bank’s proportion of lending to deposits remained low at 77.5 per cent.

The bank’s bad debt ratio was at 1.19 per cent, inching up against the 1.11 per cent earlier this year. At the same time, with a provision of VND277 billion for risky loans, the value of Viet Nam Asset Management Company’s (VAMC) bonds held by LienVietPostBank decreased slightly to VND600 billion.

By the end of September, the bank owned 10 per cent of the contribution capital of Vietnam-Laos Electricity Joint Stock Company with a value of VND300 billion and 5.5 per cent of the contribution capital of Lien Viet Securities Joint Stock Company with a current value of nearly VND16 billion.

Early this month, the bank’s shares (code LPB) were officially traded on UPCoM at an initial price of VND14,800 per share. LPB closed this morning’s session at VND12,800 per share, up 1.8 per cent from yesterday. — VNS