By the end of the third quarter, the accumulated pre-tax profit of Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank) recorded 1.636 trillion dong, equal to 161 percent compared to the same period in 2018, fulfilling 86 percent of the 2019 plan target. In which, the third-quarter profit reached 519 billion dong, equivalent to 149 percent of the third quarter of 2018.
LienVietPostBank’s third quarter net interest income maintained strong, helping accumulated net interest income reached 125 percent over the same period in 2018 thanks to the efficient use of inputoutput capital as well as promoting advantages of large network across the country to develop retail.
Net revenue from services and foreign exchange activities continued to have positive changes, 2.4 times higher than the same period last year thanks to continuous development and diversification of new products and services, and numerous deployments. The programme promotes sales support, meets the needs of customers, thereby increasing the proportion of service revenue in total income. It is expected that by the end of 2019, net fee income will reach the highest level in 11 years of the bank’s operation.
By the end of September 2019, LienVietPostBank’s other business indicators were also very positive. Total assets reached 193.536 trillion dong, completing the 2019 plan. Equity capital was 12.291 trillion dong, an increase of 20.5 percent compared to the end of 2018. The total capital mobilisation rose to 176.159 trillion dong, the loan to market I was 135.105 trillion dong, corresponding to an increase of 10.1 percent and 11.7 percent compared to the end of 2018. Profitability ratios on total assets and average equity has improved markedly, reaching 0.71 percent and 11.66 percent, up 24.6 percent and 19 percent compared to 2018, higher than the industry average.
LienVietPostBank is currently the joint stock commercial bank with the largest network in Vietnam, with nearly 550 branches and transaction offices, nearly 1,000 postal transaction offices and the right to exploit more than 10,000 translated transaction points across 63 provinces and cities in the country.
In addition to the traditional network, LienVietPostBank also focuses on investing in building the Digital Banking platform to become an important trading channel, in which typically Vi Viet application provides products and services of online banking 24/7 such as savings deposit, deposit book mortgage, interbank transfer, online 24/7 payment (pay electricity, water, telecommunications, insurance, service fees, recharge phone, buy air tickets, train tickets and online shopping), payment accounts information, savings, ATM Card transactions, credit cards and many other utilities.Until now, Vi Viet has more than 32 thousand payment acceptance points with more than 2.6 million users nationwide.
This is an important basis for LienVietPostBank to realise its strategy of becoming “Retail BankEveryone’s Bank”.
