Fitch affirms Agribank's Long-term IDR at B+; Outlook positive
(Updated at 10:15, 1/3/2018)
February 27, 2018: Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Agribank at B+ with outlook positive, support rating floor at “B+”.
In this rating action, Fitch takes into account the improved operating environment of the Vietnamese banking system, with improved economic policy-making from authorities promoting macroeconomic stability and predictability.
Agribank’s IDR rating is driven by Fitch’s expectation that Government will support Agribank if needed given the importance of Agribank in the Vietnamese banking system and that the bank is among the four largest Vietnamese banks by assets with extensive branch/transaction network. The Positive Outlook on Agribank’s IDR reflects Fitch's view of an improving sovereign ability to provide extraordinary support, if needed.
As of December 31, 2017, Agribank posted a 20% profit growth, reaching a record level of VND 5,018 billion. Total assets of Agribank also exceeded VND 1 million billion, reaching 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.
Agribank continues to maintain the leading position of commercial banks in the list of 500 largest enterprises in Vietnam in 2017 (VNR 500), ranking sixth among the 500 largest enterprises in Vietnam and ranking first among the commercial banks in Vietnam according to VNR 500 rankings based on criteria, including criterion on corporate communication credibility.
Agribank has won many other awards in 2017 such as Top 10 reputable commercial banks in Vietnam, prestigious Sao Khue Award, Community Bank Award; Cross-border payment system through Internet Banking (CBPS), Straight Through Processing Award from the Bank of New York Mellon, Elite Quality Recognition Award from JP Morgan, etc.
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.
Huong Nguyen
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