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Thanks to the recovery of nearly VND 12trillion of debt sold and handled in 2018, the pre-tax profit of Agribankreached a record high of VND 7,535 billion.

As of the end of 2018, Agribank had total assets of nearly VND 1.3 million billion, mobilized capital of VND 1.2million billion, outstanding loans of nearly VND 1.1 million billion. Agribank posted VND 7,525 billion in profit before tax, the highest level ever.

Agribank’s high profits in 2018 were not supported by the increase in lending interest rates. On the contrary,Agribank had reduced lending rates in priority areas and implemented many solutions to remove difficulties in credit relations with customers.

Overall growth of the economy was abig profit driver. In 2018, Agribank brought bad debts in the balance sheet to1.51%, increased service revenue to over 20%, and recovered nearly VND 12trillion of debts that were sold and handled.

Agribank achieved the target set inthe restructuring plan for the 2016-2020 period ahead of schedule.  NPL ratio dropped to 2.78% at the end of 2018. With nearly VND 20,000 billion being set aside for risk provisioning, Agibank can afford to buy all debts sold to VAMCand handle bad debts incurred (if any) in 2019.

Since the beginning of 2019,Agribank has continued to reduce by 0.5% the lending interest rate for 5priority subjects as stipulated in Circular 39/2016/TT-NHNN dated December 30,2016.

As a bank giving top priority to agricultural loans, Agribank has also "declared war" on loan sharks.  Currently, the bank has been implementing programs, simplifying lending procedures, improving lending processes, and renewing lending methods;  collaborating with the People's Committee, Farmers' Union, and Women's Union to boost lending through groups.

Agribank is also considering increasing the level of credit limit, broadening types of target borrowers to whom overdraft services are offered for individuals and households residing in the rural areas to respond to the unexpected requirements for capital in the fastest manner (estimated at VND 5-10 trillion) and extend the supply of financial services to people in remote areas.