LPBank completed 61.45% of the annual profit plan, main driving force from retail credit

ANTD.VN - Lien Viet Post Bank ( LPBank , stock code LPB) has just announced its business results for the third quarter of 2023 and the first three quarters of the year.

Accordingly, in the first 3 quarters of the year, the Bank recorded a total outstanding loan balance of VND 263,640 billion, equivalent to a growth rate of 11.80% compared to the beginning of the year; capital mobilization reached nearly VND 274,580 billion, an increase of 9.4% compared to the end of 2022.

LPBank's credit growth is superior to the general level.

LPBank's credit growth momentum in the first 9 months of the year mainly came from the retail lending segment, thanks to taking advantage of its large network to develop the retail customer segment in rural areas, combining traditional banking and digital banking to provide a variety of products and services suitable to the needs of many customer segments.

In the third quarter, LPBank's pre-tax profit reached VND1,241 billion, up 41% over the previous quarter. However, the cumulative pre-tax profit of the first three quarters of the year reached VND3,678 billion, down 24% over the same period last year but still completing 61.45% of the annual profit plan. The reason, according to LPBank, is due to the impact of many fluctuations in the world and domestic economic situation, at the same time the Bank implemented policies to reduce interest rates to support customers.

LPBank said that the Bank has been continuing to promote digitalization, actively investing in technological capacity and service quality, while expanding its cooperation network and linking with reputable financial institutions to perfect the modern digital ecosystem, bringing the best experiences to customers.

At the end of September 2023, LPBank signed a contract to provide T24 Core Banking solutions with Temenos Group - a leading core banking solution provider based in Switzerland. LPBank expects this project to be a breakthrough in core technology platforms and an important milestone in the digital transformation process for the Bank.

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