Pham Doan Son, vice chairman and general director of LienVietPostBank rings the gong to open the first trading session for LPB shares on the Ho Chi Minh Stock Exchange. — Photo courtesy of the bank
The Ho Chi Minh Stock Exchange (HoSE) on Monday officially opened the first trading session for nearly 977 million shares of LienVietPostBank, listed with code LPB.
HoSE approved the listing of LPB stocks with a total value of nearly VND9.7 trillion (US$417.7 million).
With the reference price on the first trading day set at VND11,800 per share, the capitalisation value was estimated at VND11.5 trillion. The price was clarified according to the LPB’s average reference price in the last 20 trading sessions on UpCoM.
“LPB stock trading on HoSE is one of the important milestones for LienVietPostBank. From the very first days of its establishment, founding shareholders have been looking forward to listing its share on the highest standard stock exchange in Viet Nam,” said Pham Doan Son, vice chairman and general director of the bank.
Son said the LPB share price is still lower than its real value, not accurately reflecting the bank’s business results and development potential. Therefore, the move to list on HoSE will contribute to bringing the stock price back to its true value.
LienVietPostBank now has nearly three million customers and 2.5 million users on its newly-launched LienViet24h digital banking app. By the end of October, its total assets reached VND214 trillion and capital mobilisation of VND184 trillion. Its lending in the period was VND163 trillion and before-tax profit of VND2.1 trillion, surpassing the whole year’s set targets. With the positive results, the bank expected its profit this year would be at a record level for the past 13 years of operation.
The State Bank of Viet Nam approved the bank to increase its charter capital from the current VND9.7 trillion to VND10.7 trillion by issuing shares for dividend payment. Accordingly, the bank would issue shares to pay a dividend at a rate of 10 per cent in the fourth quarter.
LienVietPostBank would continue to develop its retail sector with strengths of a wide network to access to customers in even remote areas.
“We will continue to maintain the growth rate in the first 10 months of the year and surpass the whole year’s set targets. This would create a firm pre-condition for the following years,” he added. — VNS