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LP Bank’s profit grows in Q3

The Saigon Times

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HCMC – Lien Viet Joint Stock Commercial Bank (LPBank), whose stock LPB is listed on the Hochiminh Stock Exchange, achieved positive business results in the third quarter of 2023 with a 41% increase in pre-tax profit against the previous quarter.

LPBank recorded pre-tax profit of VND1,241 billion between June and September, indicating a major improvement in the lender’s business operations and the potential for a significant breakthrough in the final three months of the year.

Due to the global and domestic economic fluctuations, LPBank has cut interest rates to support customers.

The bank’s accumulated pre-tax profit for the first three quarters of 2023 reached VND3,678 billion, down 24% compared to the same period last year. It fulfilled 61.45% of its annual profit target.

Regarding the stock market today, October 20, the benchmark VN-Index of the Hochiminh Stock Exchange added 20.18 points, 1.86%, versus yesterday’s session, at 1,108.03 points, with 389 advancers and 122 decliners.

More than 658.2 million shares worth over VND14.1 trillion were traded on the southern bourse, slightly increasing by 1.4% in volume and 3.34% in value against yesterday’s session.

Block deals contributed more than VND1.77 trillion to the overall value, with 65.67 million shares transacted.

SSI took the lead by liquidity with nearly 28.2 million shares changing hands. Closing the trading session today, SSI surged by 3.99% to VND31,300.

Lender STB was the best performer among bank stocks as it increased by 3.8% to VND30,100 per share, with over 18.95 million shares traded.

On the northern bourse, the HNX-Index of the Hanoi Stock Exchange added five points, or 2.24%, at 228.45 points. The trade volume totaled 92 million shares worth more than VND1.7 trillion.

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