LPBank

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LPBank
Native name
Ngân hàng Lộc Phát Việt Nam
Company typeJoint-stock
IndustryBanking and Finance
FoundedMarch 28, 2008; 18 years ago (2008-03-28)
Headquarters
Hanoi
,
Vietnam
Key people
Nguyen Duc Thuy (Chairman)
Ho Nam Tien (CEO)
Total assetsVND 365,000 billion (2023) (equivalent to USD 15 billion)
Number of employees
10,600 (As of Nov 30 2023)
Websitelpbank.com.vn

Fortune Vietnam Joint Stock Commercial Bank or LPBank (previously known as: LienVietBank or LienVietPostBank) is a Vietnamese retail bank based in Hanoi. As of December 31, 2023, LPBank's total assets reached over VND382,953 billion,[1] up 17% from the beginning of the year. Market segment 1 mobilization activities reached VND285,342 billion;[2][3] credit growth reached VND39,686 billion with a rate of 16.83%, in line with the ceiling allowed by the State Bank of Vietnam.[4][5] As of the end of 2023, LPBank's NPL ratio was 1.26%, lower than the same period (1.45%) and much lower than the third quarter of 2023.[6][7][8]

LPBank was granted a license to operate on March 28, 2008 with the original name LienVietBank and officially launched on May 1, 2008 with a charter capital of VND3,300 billion.[9][10] In 2011, LPBank changed its name to LienVietPostBank.[11][12][13][14]

The year 2023 marks the 15th year of operations, and the bank has updated its brand identity to a simplified, memorable, and easily readable format as LPBank.[15] In July 2024, LPBank will change its name to Fortune Vietnam Joint Stock Commercial Bank.[16]

Milestones

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Time Milestones
2008
  • Established as LienVietBank and opened the first branch in Hau Giang Province respectively in March and May 2008.
2011
  • • Signed a 50-year co-operation agreement with Vietnam Post to merge with Vietnam Postal Savings Service Company (VPSC) and changed name to LienVietPostBank.
  • Became a member of the World Savings & Retail Banking Institute (WSBI).
  • Moved headquarters to Ho Chi Minh City
2015
  • Integrated LienVietPostBank’s ATM system into Smartlink.
2016
  • Officially launched Vi Viet E-wallet – a payment gateway and a financial management tool.
  • Vi Viet became the winner of the UNCDF SHIFT Challenge Fund Second Window, granted US$325,000 to promote financial inclusion for Vietnamese women.
  • Moved headquarters to Hanoi
2017
  • LienVietPostBank is listed on the UPCOM stock exchange as LPB
2020
  • LPB is listed on HOSE (Ho Chi Minh City Stock Exchange).
2023
  • Changed abbreviated name to LPBank.
  • Launched T24 Corebanking Project.
2024
  • Changed abbreviated name to Fortune Vietnam Joint Stock Commercial Bank.


Key financial figures

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Unit: USD million 2013 2014 2015 2016 2017 2018 2021 2022 By end of 3rd Q, 2023
Total Assets 3,784 4,745 4,807 6,402 7,288 7,765 11,920 14,000 15,000
Owners’ Equity 346 348 340 376 419 432 620 710 1,000
Profit before Tax 150 230 150
Revenue 950 1,230 NA
Return on average equity (ROAE) (%) 7.72% 6.36% 4.67% 13.34% 15.45% 11.4% 18.52% 22.08% NA
Non-performing loans (NPL) (%) 2.48% 1.1% 0.88% 1.08% 1.04% 0.96% 1.24% 1.46% NA
Dividend payout ratio (%/year) 8.00% 6.00% 4.5% 10% 15% 10% 15% 19% NA

References

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  15. ^ https://thanhnien.vn/lpbank-chinh-thuc-doi-nhan-dien-thuong-hieu-185230526115030571.htm
  16. ^ https://lpbank.com.vn/tin-tuc/lpbank-cong-bo-ten-thuong-mai-moi-ngan-hang-loc-phat-viet-nam/
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