LienVietPostBank announces pre-tax profit in Q1

Lien Viet Post Joint Stock Bank (LienVietPostBank) yesterday announced that its total pre-tax profit rose by 15.2 per cent to VND212 billion (US$9.8 million) in the first quarter of this year.

However, the bank set aside VND98 billion ($4.5 million) from the pre-tax profit for provision to deal with bad debts and financial risks.

Hence, the bank recorded a pre-tax profit of VND115 billion (US$5.3 million) in the first quarter of this year, a decrease of 37.7 per cent over last year.

The bank also reported that it achieved a credit growth rate of 16.2 per cent in the first quarter, with a total outstanding loan of VND48 trillion ($2.2 billion).

The bank reported a total deposit of VND81.3 trillion ($3.76 billion), an increase of 4.5 per cent, while its total assets increased by 2.4 per cent to VND103 trillion ($4.77 billion).

According to the bank, it recorded further losses in some sectors, including foreign currency exchange, with a loss of VND4 billion ($200,000) compared to last year's profit of VND13 billion ($600,000), and securities investment with a profit of VND9 billion, a decrease of 81.6 per cent over last year.

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