Agribank posted a record profit of over VND 5 trillion in pre-tax profit
(Updated at 10:48, 17/1/2018)
In 2017, Agribank recorded a pretax profit of VND 5,018 billion, the highest in the bank's history.
Agribank has held a conference to implement business tasks in 2018. At the meeting, Mr. Tiet Van Thanh, General Director of Agribank said total assets of Agribank reached nearly VND 1.2 million billion; mobilized capital reached nearly VND 1.1 million billion; outstanding loans to the economy increased by 17.6% compared to 2016, reaching nearly VND 900 trillion, of which outstanding loans for agriculture and rural areas reached VND 650 trillion, accounting for 73.6% of total outstanding loans.
 
Remarkably, Agribank's pre-tax profit reached the highest level in Agribank's history with VND 5,018 billion, an increase of 20% compared to 2016.
 
2017 is the second year Agribank has implemented the Strategic Business Plan for 2016-2020 period with the vision to 2030. It is also implementing the second phase of restructuring in combination with dealing with bad debt, continuing to complete the remaining work of restructuring in phase 1 and prepare a solid foundation ready for equitization roadmap under the direction of the Government.
 
Immediately after the National Assembly issued Resolution 42 on piloting bad debt settlement of credit institutions, which came into effect on August 15, 2017 and the Prime Minister approved the project on restructuring the system of credit institutions in combination with settling bad debt for the 2016 2020 period, Agribank was the first bank to announce the "campaign".
 
Specifically, setting up two centers for dealing with bad debts in the North and in the South; strengthening the operational capacity of Agribank Asset Management Company; reviewing, revising and providing trainings on regulations on seizure of security assets, settlement of disputes related to security assets and sale of bad debts to VAMC at market prices.
 
Agribank has drastically reduced the lending interest rate of bad loans as of August 15, 2017; exempted and reduced the interest accrued under the original repayment term to encourage customers to find all sources of debt repayment, restore production and business.
 
With the support from the State Bank of Vietnam and other ministries and agencies, and the determination of Agribank, the implementation of Resolution 42 at Agribank has brought about more results than expected, which is an evidence that the business of Agribank has truly entered a new phase of recovery and growth.
 
One of the other milestones in Agribank's policy implementation last year was that the bank accepted trillions of dongs reduction in income to provide loans for the Rapid and sustainable poverty reduction support program under Resolution 30a/2008/NQ-CP for 64 districts of 18 provinces and cities nationwide. Along with that is the National target program for new rural construction in 8,957 communes, outstanding loans for new rural construction reached VND 307,383 billion with 2,591,711 customers supported.
 
 
Hong Ngoc
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