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, up 17% from the beginning of the year. Market segment 1 mobilization activities reached VND285,342 billion; credit growth reached VND39,686 billion with a rate of 16.83%, in line with the ceiling allowed by the State Bank of Vietnam. 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.
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. In 2011, LPBank changed its name to LienVietPostBank.
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.https://thanhnien.vn/lpbank-chinh-thuc-doi-nhan-dien-thuong-hieu-185230526115030571.htm In July 2024, LPBank will change its name to Fortune Vietnam Joint Stock Commercial Bank.https://lpbank.com.vn/tin-tuc/lpbank-cong-bo-ten-thuong-mai-moi-ngan-hang-loc-phat-viet-nam/
Milestones 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 LPB2020 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
Unit: USD million 2013 2014201520162017201820212022By end of 3rd Q, 2023 Total Assets 3,784 4,745 4,807 6,402 7,288 7,76511,92014,00015,000 Owners’ Equity 346 348 340 376 419 4326207101,000 Profit before Tax 150230150 Revenue 9501,230NA 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