Agribank posts profit of over VND5 trillion in 2017

Thursday, 2018-01-18 04:06:24
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Agribank is one of the largest lenders in Vietnam.
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NDO - Agribank reported a pre-tax profit of over VND5 trillion (US$220 million) in 2017, up 20% from the previous year and thus contributed VND1.2 trillion to the government budget.

The profit figure is the best recorded result for the state-owned lender, fully known as the Vietnam Bank for Agriculture and Rural Development.

Agribank’s general director Tiet Van Thanh informed a meeting to review its performance over past year that he bank’s total assets reached nearly VND1200 trillion (US$52.8 billion).

He said that Agribank’s ratio of non-performing loans stood at 1.54% as the bank began its comprehensive bad debt resolution plan by establishing two centres to deal with non-performing loans in both the north and the south.

In 2017 Agribank continued to maintain its position among the top 500 largest enterprises in Vietnam in terms of revenues, profits and assets.

Its total loans in 2017 rose 17.6% from the previous year and were estimated at VND900 trillion (US$39.6 billion), of which 73.6% were arranged for agricultural production and rural development.