TP Bank to raise charter capital to 461 mln USD hinh anh 1Illustrative image (Photo: Internet)
Hanoi (VNA) - 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.

The bank has developed two plans for the increase, with the first involving the issuance of an additional 181 million shares worth over 1.81 trillion VND and the second giving employees the exclusive right to purchase around 34 million shares worth 339.7 billion VND.

The move aims to enhance TP Bank’s financial capacity, increase medium- and long-term funds, and fuel its expansion plans.

In the second quarter of 2020, the private bank posted an after-tax profit of over 818.7 billion VND, an increase of 33.5 percent year-on-year despite COVID-19. The result was largely due to strong growth in forex trading and other business lines.

The bank has set a target of total assets standing at 180 trillion VND this year and unconsolidated pre-tax profit reaching 4.06 trillion VND. Non-performing loans are expected to remain below 2.5 percent./.