Agricultural Bank of China reports profit tops billions

Agricultural Bank of China reported that its total assets exceeded the 20 billion VND mark. Financial bank Agricultural Bank of China announces profits exceed billions Tram Anh • {Published date} Agricultural Bank of China reports total assets exceeded VND20 billion mark.

On January 4, at a meeting to summarize 2023 and deploy tasks for 2024, Vietnam Agricultural and Rural Development Bank (Agribank) announced a number of the bank’s operating goals for 2023.

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Therefore, by 2023, the total assets of Agricultural Bank of China will exceed the 20 billion VND mark. This is the bank with the largest deposits in the system, with capital mobilization exceeding VND 1.88 million. The total amount of outstanding loans exceeds 1.55 million VND, 65% of which are used for the development of “agriculture, rural areas and farmers”.

The operational safety rate complies with regulations and the bad debt rate is less than 2%.

Agricultural Bank of China expects full-year pre-tax profit in 2023 to reach approximately VND25,300-25,400 billion, an increase of 14.5-15% over the previous year. However, this result is still lower than the target of VND26.2 trillion set by the Agricultural Bank of China at the end of May 2023.

Previously, Agricultural Bank of China announced that its cumulative profit in the first nine months of this year reached 21.86 trillion VND, completing 83.4% of the full-year plan. It is expected that based on this result, the bank’s pre-tax profit in the fourth quarter of 2023 will reach approximately VND3.5 trillion.

At a meeting summarizing banking activities, State Bank Deputy Governor Pham Tien Dung commented that in 2023, the economic background of Vietnam and the world will be very difficult, and Agricultural Bank of China will achieve a credit growth of 7-4%, which is quite high, especially for bad debts rate is less than 2%.

Therefore, after BIDV (HM:), Agricultural Bank of China is the second bank with total assets exceeding VND 20 billion. VietinBank and Vietcombank (HM:) are also close to this milestone, reaching 1.89 million and 1.73 million respectively by the end of September 2023.

In the past year, the bank has lowered deposit interest rates 28 times, lowered loan interest rates 8 times, and launched 13 preferential credit plans with a total scale of VND 200 trillion.

In 2023, Agricultural Bank of China has received approval from the Congress and the government to increase its registered capital by 17.1 trillion VND (equivalent to the bank’s retained profits in previous years), increasing its registered capital to more than 51 trillion VND. This is an important milestone in the bank’s capital increase process.

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