Fitch Ratings has affirmed the long-term IDRs of Agribank at B. (Source: VNA)Hanoi (VNA) – Fitch Ratings has affirmed the long-term issuer defaultratings (IDRs) of Vietnam Bank for Agriculture and Rural Development (Agribank)at B with a positive outlook.
“The positive rating action takes into account the Vietnamesebanking system’s enhanced operating environment, with improved economicpolicymaking from authorities promoting macroeconomic stability andpredictability,” Fitch noted in a report released on February 27.
According to Fitch, the Vietnamese Government will supportAgribank when necessary as the bank plays an important role in the country’sbanking system and is one of the four largest banks in Vietnam by total assetsand network.
The positive outlook also reflects Fitch’s views on Vietnam’simprovement in providing support when necessary.
As of December 31, 2017, Agribank had reported a 20 percentincrease in profit to a record 5.01 trillion VND (220.44 million USD). The bank’stotal assets also hit nearly 1.2 quadrillion VND (52.8 billion USD) and itsmobilised capital was close to 1.1 quadrillion VND (48.4 billion USD). The bankcontributed 1.2 trillion VND (52.8 million USD) to the State budget.
In 2017, Agribank led commercial banks in the list of the 500biggest firms in Vietnam and ranked sixth overall on the list.
The bank also won other awards in the year, such as Sao KhueAward, “Bank for Community” Award, and awards granted by JCB InternationalCredit Card Co., Ltd., Bank of New York Mellon, Wells Fargo and JP Morgan.
In the ratings, Fitchalso affirmed the long-term IDRs of Vietnam Joint Stock Commercial Bank forIndustry and Trade (Vietinbank) and Joint Stock Commercial Bank for ForeignTrade of Vietnam (Vietcombank) at ‘B ’ with a positive outlook.
The viability rating of the two banks was upgraded to ‘B’ from‘B-’.
Meanwhile, the long-term IDR of Military Commercial Joint Stock Bank(Military Bank) was upgraded to ‘B ’ from ‘B’ with a stable outlook. -VNA
VNA
