Vietnam Post and Telecommunications Joint Stock Commercial Bank (Vietnam Post Bank or Lienvietpostbank) has been approved by the State Bank of Vietnam to change its English abbreviation from “Lienvietpostbank” to “LPBank”.
LPBank announced that it will continue to comprehensively change its logo and brand identity in order to standardize its services.
The decision to change to a new English abbreviation is considered to be in line with the general trend of banks to use the shortest possible abbreviation.
Previously, at the annual general meeting in 2023, the new English abbreviation was approved. The reason for changing the abbreviation was that “LienVietPostBank” has too many characters, is difficult to pronounce, difficult to remember, and leads to low brand recognition and communication effectiveness.
Chairman of the Board of Directors of LienVietPostBank Nguyen Duc Thuy. (Photo: N.Tuan)
By the end of the first quarter of 2023, LPBank had mobilized VND 272.5 trillion, with outstanding loans of VND 242.1 trillion. Pre-tax profit was VND 1.566 trillion.
In 2022, LienVietPostBank achieved a post-tax profit of VND 4.51 trillion. The profit after setting aside funds for dividend distribution was VND 3.393 trillion.
The annual general meeting approved the plan for profit distribution in 2022, with a dividend payout ratio of 19%. The profit used for dividend distribution was VND 3.285 trillion.
@Vietnamnet
Related
Source: Vietnam Insider