vpbank reports significant profit growth and strategic expansions in third quarter

VPBank has reported strong financial performance in the first nine months of the year, with a consolidated pre-tax profit of nearly VND 13.9 trillion, representing a significant increase of over 67% compared to the same period in 2023.

The bank's consolidated operating income also saw a substantial surge of nearly 23%, exceeding VND 9 trillion.

Consumer Finance Segment

The consumer finance segment, represented by FE Credit, reported a profit of nearly VND 3 billion in the third quarter, reflecting successful restructuring efforts.

Strategic Expansion

VPBank has strategically expanded its operations to cater to large corporate clients, multinational corporations, and FDI enterprises, and has onboarded over 500 FDI customers within two years.

Strategic Partnerships

The bank has also formed strategic partnerships with Lotte C&F Vietnam and electric vehicle manufacturer BYD in Vietnam.

Flagship Branch in Ho Chi Minh City

VPBank has opened its first flagship branch in Ho Chi Minh City, focusing on digital transformation and customer experience.

Commitment to Sustainable Development

The bank's commitment to sustainable development is evident in its collaboration with the Japan Bank for International Cooperation (JBIC) to finance renewable energy and power transmission projects in Vietnam.

Loan Interest Rate Reduction Program

VPBank has implemented a program to reduce loan interest rates by up to 1% to support individuals and businesses affected by external factors.

Overall, VPBank's strategic initiatives, strong financial performance, and commitment to innovation and sustainability position it as a leading player in Vietnam's banking sector.

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