On November 13, international credit rating agency Fitch Ratings announced that it maintained the "BB+" rating with a "Stable" outlook for the Vietnam Bank for Agriculture and Rural Development (Agribank).
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Fitch Ratings has just announced that it has maintained the Long-Term Issuer Rating of Valuable Papers (GTCG) for the Bank for Agriculture and Rural Development of Vietnam (Agribank) at “BB+”, with a Stable outlook. At the same time, Fitch Ratings announced a new rating - Long-Term Local Currency GTCG Issuer for Agribank, also at BB+.
Thus, Agribank continues to maintain its international credit rating (IC) at the same level as Vietnam's national rating ceiling and is the highest result among Vietnamese banks being evaluated by Fitch Ratings.
Fitch Ratings assessed that Agribank's situation remains stable and gave optimistic forecasts for the future. Fitch Ratings assessed that Agribank plays an important role in the Vietnamese banking system with a deposit market share of up to 14% and a strategic role in supporting rural agriculture.
This XHTN organization also recognized the progress in Agribank's capitalization, with equity increasing faster than the previous period due to improved profitability, strengthening Agribank's buffer against losses. In particular, Fitch Ratings increased the score of Agribank's Profitability component due to Agribank's continuous improvement in its income structure, reducing its dependence on revenue from processed debts.
By October 31, 2024, Agribank's total assets will reach VND 2.14 million billion, making it one of the largest banks in the system of credit institutions in Vietnam; Capital will reach VND 1.94 million billion; Total outstanding loans to the economy will reach VND 1.66 million billion; Operational safety ratios will meet regulations.
Agribank is currently the bank with the largest retail system in the country with 2,223 branches and transaction offices in all localities across the country and more than 3,300 ATMs, CDMs and Agribank Digital Kiosks.
Agribank is the leading bank in investing in agricultural, farmer and rural development, with the proportion of investment in "Tam Nong" accounting for about 63% of total outstanding loans.
As a 100% state-owned bank, Agribank always plays a pioneering role in seriously and effectively implementing monetary and credit policies to support the economy.
Currently, Agribank is effectively implementing many policy credit programs and national target programs on new rural construction, sustainable poverty reduction and socio-economic development in ethnic minority and mountainous areas. In addition, Agribank has been actively implementing ESG practices, for a green future and sustainable development.
| Agribank is currently the bank with the largest retail system in the country with 2,223 branches and transaction offices in all localities across the country and more than 3,300 ATMs, CDMs and Agribank Digital Kiosks. |
Source: https://baoquocte.vn/agribank-tiep-tuc-giu-vung-cac-ket-qua-xep-hang-tin-nhiem-quoc-te-theo-fitch-ratings-295500.html
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