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Agribank profit drops due to pandemic

Agribank profit drops due to pandemic

Pre-tax profit of Agribank, one of the ‘Big 4’ state-owned lenders, fell nearly 9 percent last year to VND12.87 trillion ($561.1 million). – VnExpress International

Agribank profit drops due to pandemic

The Agribank logo is seen on a building in District 1, Ho Chi Minh City. Photo by Shutterstock/StreetVJ.

The bank had to reduce its profit target by VND5.5 trillion after lowering interest rates for customers affected by the Covid-19 pandemic, its management said at a meeting on Tuesday.

Credit growth was 8 percent as against 11.1 percent in 2019.

In June the bank received approval to increase its charter capital by VND3.5 trillion, but has yet to complete the administrative procedures for it.

The management said since the bank was unable to increase its capital, credit growth was restrained. Of the Big 4, Agribank’s pre-tax profit ranks third ahead of BIDV.

It targets credit growth of 8-11 percent and pre-tax profit growth of 10 percent this year.

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