Restructuring GPBank towards profit goals
On the afternoon of April 28, Vietnam Prosperity Joint Stock Commercial Bank (VPBank) held its 2025 Annual General Meeting of Shareholders, with many notable contents. Accordingly, the outstanding issue of concern is the restructuring process of the Global Petroleum Bank (GPBank).
VPBank Chairman Ngo Chi Dung said that immediately after receiving GPBank according to the plan approved by the Government, the bank quickly sent a team of key leaders to GPBank and coordinated with McKinsey to develop a long-term development strategy.
"GPBank once recorded a loss of about VND1,000 billion per year before joining VPBank. With comprehensive reform solutions for product governance, operation and development, we are confident that GPBank will achieve a minimum profit of VND500 billion this year, even with only 8 months left to implement," Mr. Dung emphasized.
To support this process, VPBank has completed the transfer of core technology and standardized the entire business process to GPBank, focusing on credit, payment and risk management. VPBank's Board of Directors plans to complete the restructuring of personnel and system foundation for GPBank in the second quarter of 2023. This will be the foundation for GPBank to not only make short-term profits but also grow sustainably from 2026 onwards.
In addition, GPBank is expected to take advantage of VPBank's large financial - banking ecosystem to promote retail activities, expand SME and individual customer base.
Accelerating asset expansion, strengthening dividend policies
VPBank General Director Nguyen Duc Vinh said that the bank's total consolidated assets have approached the 1 million billion VND mark and are expected to exceed this threshold in the second quarter. In 2025, VPBank aims to have total assets of VND 1.13 million billion, consolidated credit balance increase by 25% to VND 887,700 billion, and pre-tax profit of VND 25,270 billion, up 26% compared to 2024.
VPBank also submitted to shareholders a plan to divide cash dividends in 2025 at a rate of 5%, continuing the policy of maintaining a regular dividend policy for 5 consecutive years. Chairman Ngo Chi Dung said that the bank will balance the need to ensure self-sufficient capital to expand the scale, while maintaining a cash dividend policy to protect shareholders' interests in the long term.
In addition, VPBank is preparing plans to increase the maximum foreign ownership ratio from 30% to 49% - an opportunity opened after the bank completes receiving GPBank. According to Mr. Dung, extending foreign room will help VPBank attract more strategic investors, supplement medium and long-term capital to serve the needs of large-scale growth, especially in the period of GPBank restructuring and promoting retail.
Currently, VPBank owns a charter capital of more than VND 79,300 billion and an equity capital of more than VND 147,000 billion, ranking in the Top 4 largest banks in the system.
