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Net profit in 2019 soared, Agribank expects credit growth of 9.2% this year


Agribank has just released business figures in 2019 with net profit soared 95% compared to the previous year, reaching VND 11,247 billion.

Accordingly, Agribank expects credit growth this year at 9.2% compared to 2019, of VND 1.2 million billion. Although only 6 months left to end the fiscal year 2020, Agribank still targets high credit growth in the current context.

From the beginning of May 2020, outstanding loans of the economy tended to increase; as of May 20, 2020, the outstanding loans to the economy reached VND 1.1 million billion, an increase of VND 2,255 billion compared to April 30, 2020 (compared to outstanding loans as of the end of 2019 of VND 1.12 million billion).

In the first months of this year, in order to resolve difficulties for business and production and revive the economy impacted by the Covid-19 pandemic, as of May 18, 2020, Agribank had restructured debts, exempted and reduced interest as prescribed in Circular 01/2020/TT-NHNN of VND 43,069 billion, of which: restructuring repayment term: VND 35,133 billion for 8,880 customers; providing interest exemption and reduction: VND 7,936 billion for 953 customers.

New loan turnover to customers affected by Covid-19: VND 20,560 billion with 9,567 customers, in which disbursement of VND 100,000 billion package reached over VND 14,000 billion. Interest rate reduction existing loans amounted to VND 45,085 billion, of which interest rate reduction for outstanding loans affected by Covid-19 amounted to VND 10,370 billion for 9,591 customers.

As of the end of 2019, Agribank's business indicators were highly favorable, with outstanding loans of VND 1.12 million billion, an increase of 11.6%. Customer deposits reached VND 1.26 million billion, an increase of 15%. Total assets reached VND 1.45 million billion, an increase of 13.2% compared to 2018.

Agribank also reported a 92% increase in profit before tax compared to 2018, reaching VND 14,116 billion. Net profit also increased by 95% to VND 11,247 billion.

To achieve the above high-growth profit, other business targets also increased sharply, such as: Net profit from trading activities in gold and foreign currencies increased by 46% to VND 1,030 billion. Profit from other operating activities increased by 37% to VND 11,006 billion.

Although, net interest income from lending activities only increased by only 4.3% at VND 42,660 billion but this is the main source of income when accounting for 72% of total operating income.


Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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