Agribank posts 37% rise in H1 pre-tax profit
The bank`s bad debt reached VND20.16 trillion (US$863.33 million), accounting for 2.18% of the bank`s total outstanding loans, the CafeF reported.
State-run Vietnam Bank for Agriculture and Rural Development (Agribank) posted pre-tax profit of VND3.8 trillion (US$162.67 million) in the first six months of 2018, up 37% year-on-year.
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The bank's net income from lending activities increased by 11.9% year-on-year to VND19.13 trillion (US$819.41 million) during the January - June period, the highest among Vietnam's commercial banks, and net income from services of VND1.61 trillion (US$68.96 million), up 27.2%.
Additionally, trading of foreign currencies brought in VND384 billion (US$16.44 million), up 11% year-on-year, and VND2.68 trillion (US$114.77 million) from other activities, up 59%.
Agribank's provision expenses in the first half of 2018 stood at VND10.4 trillion (US$445.41 million), up 20% year-on-year. Meanwhile, operating expenses increased slightly 7% year-on-year to VND9.61 trillion (US$411.57 million).
Agribank currently is the largest bank in Vietnam in terms of total asset value, outstanding loans and deposits.
As of June 2018, Agribank's total asset value jumped 3.9% compared to the beginning of the year to VND1,197 trillion (US$51.26 billion), while total outstanding loans reached VND925.21 trillion (US$39.62 billion), up 5.6%.
The lender's mobilized capital climbed 2.5% against the end of 2017 to VND1,053 trillion (US$45.09 billion).
Notably, the bank's bad debt reached VND20.16 trillion (US$863.33 million), accounting for 2.18% of the bank's total outstanding loans.
According to the financial statement, the bank held special bonds worth VND25.19 trillion (US$1.07 billion) at end-June, which was issued by Vietnam Asset Management Company (VAMC), a reduction of VND15.7 trillion (US$672.31 million) compared to the beginning of the year.
Trinh Ngoc Khanh, Agribank's board chairman, has recently said that the bank is expected to launch its initial public offering (IPO) in 2020 at the earliest, for which the bank would complete the corporate valuation process by the end of 2018.
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