Agribank’s pretax profits likely to reach record high this year
The Vietnam Bank for Agriculture and Rural Development (Agribank) has announced that it is likely to reach the highest-ever profit growth rate by the end of the year.
Hanoi (VNA) – The Vietnam Bank for Agriculture and RuralDevelopment (Agribank) has announced that it is likely to reach thehighest-ever profit growth rate by the end of the year.
The bank’s pretax profits in thefirst ten months of 2018 were estimated at more than 6 trillion VND (257.8million USD), nearly doubling that of the same period last year. The bank’s rateof bad debt stood at 1.98 percent, while collection from services rose by 23.5percent year-on-year.
This year marks the third year ofAgribank’s implementation of the 2016-2020 Business Strategy Plan in combinationwith the second-phase restructuring.
Together with efforts to addressbad debt, the bank has focused on divestment in non-banking enterprises.
Since 2014, it has conducteddivestments in seven enterprises, taking back over 1 trillion VND (43 millionUSD). It plans to continue conducting divestments in remaining businesses,improve financial capacity, and consolidate foundations to get ready for theequitisation roadmap under the Government’s direction.
Agribank’s pretax profits haveincreased year after year, reaching 4.2 trillion VND (180 million USD) in 2016and over 5 trillion VND (214 million USD) in 2017. For the last two years, it hasstayed on the top 20 list of largest contributors to the State budget.–VNA
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Transactions at an Agribank office (Photo: VNA) 
