Transactions at an Agribank office (Photo: VNA)

Hanoi (VNA) – The Vietnam Bank for Agriculture and Rural Development (Agribank) has announced that it is likely to reach the highest-ever profit growth rate by the end of the year.

The bank’s pretax profits in the first ten months of 2018 were estimated at more than 6 trillion VND (257.8 million USD), nearly doubling that of the same period last year. The bank’s rate of bad debt stood at 1.98 percent, while collection from services rose by 23.5 percent year-on-year.

This year marks the third year of Agribank’s implementation of the 2016-2020 Business Strategy Plan in combination with the second-phase restructuring.

Together with efforts to address bad debt, the bank has focused on divestment in non-banking enterprises.

Since 2014, it has conducted divestments in seven enterprises, taking back over 1 trillion VND (43 million USD). It plans to continue conducting divestments in remaining businesses, improve financial capacity, and consolidate foundations to get ready for the equitisation roadmap under the Government’s direction.

Agribank’s pretax profits have increased year after year, reaching 4.2 trillion VND (180 million USD) in 2016 and over 5 trillion VND (214 million USD) in 2017. For the last two years, it has stayed on the top 20 list of largest contributors to the State budget.–VNA