The board of directors at the Tien Phong Joint Stock Commercial Bank (TP Bank, Stock code TPB) has approved an increase to the bank’s charter capital this year of 2.15 trillion VND, bringing it to 10.71 trillion VND (461.1 million USD) from 8.56 trillion VND.
Hanoi (VNA) - The board of directors at the Tien Phong Joint StockCommercial Bank (TP Bank, Stock code TPB) has approved an increase to thebank’s charter capital this year of 2.15 trillion VND, bringing it to 10.71trillion VND (461.1 million USD) from 8.56 trillion VND.
The bank hasdeveloped two plans for the increase, with the first involving the issuance of anadditional 181 million shares worth over 1.81 trillion VND and the second givingemployees the exclusive right to purchase around 34 million shares worth 339.7billion VND.
The moveaims to enhance TP Bank’s financial capacity, increase medium- and long-termfunds, and fuel its expansion plans.
In thesecond quarter of 2020, the private bank posted an after-tax profit of over818.7 billion VND, an increase of 33.5 percent year-on-year despite COVID-19. Theresult was largely due to strong growth in forex trading and other businesslines.
The bank hasset a target of total assets standing at 180 trillion VND this year andunconsolidated pre-tax profit reaching 4.06 trillion VND. Non-performing loans areexpected to remain below 2.5 percent./.
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Illustrative image (Photo: Internet) 
