LienVietPostBank profit before tax is more than 2,000 billion dong, completed nearly 2/3 of the year plan

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Accordingly, in the first 6 months of the year, LienVietPostBank’s credit growth reached nearly VND 14,300 billion, of which retail credit continued to increase well. Credit quality improved, the bad debt ratio decreased significantly, to a lower level than at the end of 2020. Along with that, capital mobilization from market 1 exceeded VND 221,500 billion. Other business targets of the bank also achieved positive results.

The bank’s semi-annual pre-tax profit reached more than 2,000 billion dong. Thus, compared to the profit target of 3,200 billion dong of the whole year, the bank has completed nearly 2/3 of the plan.

During the period, net income from services, lending and foreign exchange trading were the three main factors contributing to the bank’s good growth in profit. In recent years, LienVietPostBank’s income structure has changed positively in the direction of diversifying revenue sources, increasing the proportion of non-interest income, and reducing dependence on credit activities. As a result, net service revenue increased by 86% over the same period in 2020, in which, insurance commission collection increased by nearly 90%.

In 2021, LienVietPostBank expects total assets to reach VND 282,600 billion, up 17% compared to the end of 2020; capital mobilization from market 1 is expected to increase by 15%, reaching 237,770 billion dong.

Credit market 1 is planned to increase by 20% to 213,020 billion dong; net service revenue reached 880 billion dong. Profit before tax is expected to reach VND 3,200 billion, up 32% compared to the actual level in 2020. Expected dividend payout ratio is 10%.

The State Bank has recently approved for LienVietPostBank to increase its charter capital by a maximum of nearly VND 1,290 billion by paying a 12% stock dividend.

Source: vietnamfinance.vn – Translated by fintel.vn