Moody’s Investors Service has affirmed Agribank’s Ba2 local (LC) and foreign (FC) currency long-term (LT) bank deposit and issuer ratings, as well as Agribank’s Ba2 LT FC and LC Counterparty Risk Ratings (CRR) and Ba2(cr) LT Counterparty Risk Assessment (CR Assessment). The rating outlooks for Agribank are stable.
Agribank’s ratings and credit rating outlook remain unchanged compared to the last assessment (September 7, 2022) and are equal to Vietnam’s national rating and outlook (Ba2 Stable).
According to Moody’s, Agribank’s nonperforming loans (NPL) ratio as of the end of June 2023 remained stable compared to a year earlier in part due to Agribank’s active writeoffs of new NPLs. Agribank’s better-than-peer-average loan loss reserves as a percentage of problem loans also provided cushion against risks.
Agribank plays a key role in investment and development in agriculture, farmers and rural areas, with the outstanding loans in agriculture and rural areas always accounting for over 65% of total outstanding loans. As a 100% state-owned bank, Agribank has always promoted its pioneering role in seriously and effectively implementing monetary policy and credit policy to support the economy, while ensuring the business performance targets.
As of June 30, 2023, Agribank has provided loans to 63,615 loan groups with more than 1.21 million customers, outstanding loans reaching VND 195,712 billion.
Agribank is currently the bank with the largest retail system in the country with 2,223 branches and transaction offices; 1 branch in Cambodia; 3 representative offices in Central, South and Southwest regions and more than 3,500 ATMs, including 573 Agribank CDMs and kiosks.
As of June 30, 2023, Agribank’s total assets reached more than VND 1.9 million billion, mobilized capital reached more than VND 1.68 million billion, outstanding loans to the economy reached more than VND 1.46 million billion.
The Agribank brand has regularly appeared at the top of major brand rankings in Vietnam and abroad for many years: Vietnam’s top 10 most valuable brands in 2023 by Brand Finance, Straight Through Processing Excellence Award by Citbank, etc.