Mr. Nguyen Duc Thuy, Chairman of LPBank , at a general meeting of shareholders - Photo: AH
LPBank's profit slightly decreased
In the recently released Q2-2025 report, LPBank recorded net interest income in Q2 of VND3,735 billion, up 2.5% over the same period. Due to high operating costs, pre-tax profit decreased by 1.5% to VND2,988 billion.
Accumulated in the first 6 months of the year, the bank's net interest income reached 7,018 billion VND, down 1.3%; pre-tax profit was 6,164 billion VND, up 4% over the same period.
LPBank's growth in the first half of the year did not come from a breakthrough in the core segment, but was mainly driven by cutting credit risk provisioning costs.
This slowdown comes after a period of strong growth since Mr. Thuy took over the leadership of the bank.
2024 - the most recent fiscal year recorded LPBank's record growth with net interest income of VND 15,393 billion, up 37% and pre-tax profit of VND 12,168 billion, up 73% compared to 2023.
Net interest income (yellow column) and pre-tax profit (green column) of LPBank after 5 years of Mr. Nguyen Duc Thuy's appearance (from 2021-2025)
In addition to the changes in branding and personnel that took place after Mr. Thuy became chairman, LPBank also increased its charter capital very strongly to VND 29,872 billion from VND 12,035 billion in 2020.
With this capital, LPBank is in the group of private banks with the largest capital scale in Vietnam, higher than a series of banks: VIB (VND 29,791 billion), SeABank (VND 28,450 billion), TPBank (VND 26,419 billion), MSB (VND 26,000 billion)...
Earn "big" from stocks
LPBank's Q2-2025 report shows a number of long-term investments in other businesses. Of which, LPBank holds 5.5% of capital at LPBank Securities (LPBS).
The predecessor of LPBank Securities was Vietranimex (later changed to Lien Viet Securities), established in 2009 with initial charter capital of 125 billion VND.
At the same time LPBank increased its capital (mid-last year), LPBS increased its charter capital to VND3,888 billion. This securities company is also famous for its investment in Hoang Anh Gia Lai Joint Stock Company of Mr. Duc last year.
Regarding business results, LPBS has just recorded a sharp increase in business results after many years of "average business" of tens of billions of VND or losses. Specifically, LPBS's operating revenue in the second quarter of 2025 reached 442 billion VND, 16.4 times higher than the same period in 2024.
The majority of the contribution came from the financial assets' profit recorded through profit/loss (FVTPL) with VND 284 billion, compared to only VND 387 million in the same period. In addition, the profit from margin loans and receivables also increased from VND 23 billion to nearly VND 63 billion...
Operating revenue (yellow column) and pre-tax profit (green column) of LPBS
After deducting expenses, LPBS's pre-tax profit was VND206 billion, 15 times higher than the same period last year. In the first 6 months of this year, LPBS's accumulated profit was VND246 billion, more than 18 times higher.
It can be seen that the strong growth of this securities company was mainly in the second quarter when VN-Index entered a strong growth cycle after the tariff fluctuations. The profits were mainly from the proprietary trading segment.
In addition to LPBS, many parties related to LPBank under Mr. Thuy's chairmanship were listed in LPBank's financial statements due to transactions and balances with the bank, such as LPBank Insurance Joint Stock Corporation (LPBank Insurance), Xuan Thanh Investment, Construction and Development Company Limited, Xuan Thanh Cement Joint Stock Company, Xuan Thanh Economic Group Joint Stock Corporation, etc.
Of which, LPBank Insurance, the predecessor of Xuan Thanh Insurance Corporation, was renamed last year. LPBank Insurance has a total revenue of VND 888 billion in 2024, an increase of 9% compared to 2023, and pre-tax profit of VND 23.3 billion, more than 6 times higher.
How is Thaiholdings after Mr. Thuy withdrew capital?
Nearly 5 years ago, Mr. Nguyen Duc Thuy officially entered the finance and banking sector when he joined the board of directors of LienVietPostBank (now LPBank), marking a remarkable transformation from an industrial businessman to a financial one.
Previously, Mr. Thuy was better known in the business world as the founder and operator of the Xuan Thanh ecosystem (later renamed Thaigroup), operating mainly in the fields of cement, construction and real estate, and was also known as a football "boss".
Thaiholdings JSC (THD) used to hold nearly 82% of Thaigroup shares, then divested part of its capital to 48% last year.
In mid-2022, Mr. Thuy completed divestment at Thaiholdings and currently often appears in the media as the bank's chairman.
Regarding business results, Thaiholdings' revenue in the first 6 months of this year was 554 billion VND, up 6% over the same period, pre-tax profit was 62.2 billion VND, up more than 5%.
Thaiholdings still holds 19.52% of the capital of Ton Dan Hanoi JSC - the owner of Thaiholdings Tower in Hoan Kiem district. At the same time, it holds 17.2% of the capital of Kim Lien Tourism JSC - the owner of Kim Lien Hanoi hotel...
Source: https://tuoitre.vn/lai-ngan-hang-noi-bau-thuy-lam-chu-cich-chung-lai-doanh-nghiep-lien-quan-lam-an-ra-sao-20250726193821201.htm
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