Moody’s assigns first-time Ba3 deposit and issuer ratings to Agribank
(Updated at 20:30, 1/2/2019)
Moody’s Investors Service has just assigned Ba3, stable outlook for credit ratings to Vietnam Bank for Agriculture and Rural Development (Agribank) with positive assessments for the first-time ratings. Moody’s has assigned Ba3 for long-term local currency deposit rating and Ba3 for long-term local and foreign currency issuer ratings, stable outlook.
Moody’s emphasizes that Agribank has made significant progress in cleaning up legacy problem assets in the last five years, with material improvements in the second half of 2018; funding and liquidity are good at Agribank, mainly funded by retail deposits, and has a low reliance on market-sensitive funding. 
 
Agribank’s strengths are having the largest branch network in Vietnam and very strong probability of government support. Agribank is a 100% State-owned bank with the special mandate in supporting and developing Vietnam’s agriculture and rural sectors. Up to now, the proportions of agricultural and rural area lending accounts for over 70% of total outstanding loans and 50% of rural credit market shares in Vietnam. Agribank is the largest bank in Vietnam in terms of deposit with the largest branch network in Vietnam with 938 branches, 1,297 transaction offices, 62 mobile banks using vans, 2,845 ATMs, 46 Autobanks and 20,781 POS across the country.

 
As of 31 December 2018, Agribank’s total assets reached nearly VND 1,300 trillion, increasing by 11.3% compared to 2017, outstanding loans to the economy reached VND 1,004,762 billion, increasing by 14.6% compared to 2017, pre-tax profit reached VND 7,525 billion, increasing by 50% compared to 2017, non-performing loans reached 1.51% of the total outstanding loans, lower than the average of the whole banking sector, CAR reached 9.54%. Agribank has ranked first for 9 consecutive years in Top 10 of the 500 largest Vietnamese enterprises (VNR500), was granted “Top 20 highest income tax enterprises in 2017”, “National brand 2018” and “Vietnam strong brand 2017” awards and excellent international payment quality awards given by many banks across the world.
 
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