Lien Viet Post Commercial Bank ( LPBank ) has just announced its Q4/2023 financial report with a spectacular breakthrough in profit, thereby pushing its 2023 profit to a record high.

In the fourth quarter of 2023 alone, LPBank achieved more than VND 3,352 billion in pre-tax profit, a sharp increase of 286% over the same period last year.

These results boosted pre-tax profit for the whole year of 2023 to VND 7,040 billion, a 24% increase compared to 2022 and achieving 117% of the annual plan. Profit from business operations before credit risk provision costs was VND 9,865 billion.

LPBank's financial report shows that customer deposits as of December 31, 2023 reached over VND 237,391 billion, a 10% increase compared to the same period; credit growth reached 18% with approximately VND 272,000 billion.

Several key indicators in 2023 also yielded positive results, such as: net profit from service activities reached VND 3,565 billion, an increase of 114%; net profit from foreign exchange trading reached VND 436 billion, an increase of 4,000%.

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LPBank has an impressive year of business results

However, this bank lost more than 5 billion VND from investment securities trading activities, while in 2022 this activity brought in a profit of 345 billion VND.

2023 was a special year for LPBank as the bank changed its brand identity and abbreviated name. More importantly, the bank made reforms to key positions in the board of directors and the general management team.

This is also the first year LPBank has operated under the chairmanship of Nguyen Duc Thuy (Bau Thuy), who was elected to the chairmanship in December 2022.

As a result, asset quality improved rapidly. As of December 31, 2023, the bank's non-performing loan ratio reached 1.26%, lower than the same period last year (1.45%), placing LPBank among the banks with the lowest non-performing loans in the entire industry.

As of December 31, 2023, LPBank's total assets reached VND 382,953 billion, an increase of 17% compared to the beginning of the year. Also in 2023, LPBank increased its charter capital from VND 17,291 billion to VND 25,576 billion, an increase of 48% compared to the beginning of the year, becoming one of the banks with the largest charter capital in the system.

Looking back at LPBank's business results over the past five years, there has been a continuous breakthrough. With over 7,000 billion VND in profit in 2023, this figure represents spectacular growth, increasing by 245% compared to the profit in 2019.

Even compared to 6 years ago, LPBank's 2023 profit increased by 481% compared to 2018 results.

Before LPBank Securities, which securities company did Mr. Thuy head? Mr. Nguyen Duc Thuy's connection with the securities industry isn't limited to LPBank – where he has been Chairman of the Board since the end of 2022. More than 10 years ago, this billionaire "CEO" was the chairman of a securities company.