Agribank Expects 2009 Outstanding Loans to Grow 17 per cent This Year
Bank for Agriculture and Rural Development of Vietnam (Agribank), the country’s biggest state-owned lender by assets, has targeted its total credit growth of 15 per cent-17 per cent this year, the bank said at its recent meeting in Hanoi.
The Hanoi-based lender expected a growth of 18-20 per cent for its total deposits in 2009.
Agribank has recently proposed the State Bank of Vietnam and the Ministry of Finance to double its registered capital to VND20 trillion-VND22 trillion (US$1.18 billion-US$1.3 billion) in order to provide better services for local farmers and agricultural sector.
As of late March, Agribank had total deposits of VND405.9 trillion and total outstanding loans of VND307.7 trillion, up 11.8 per cent and 8.1 per cent against early this year, respectively.
The bank's loans have been rising since the government introduced a rate subsidy program in January to stimulate the economy amid ongoing global economic downturn.
Last year, Agribank reported its total deposits up 23 per cent and its total loan disbursement up 17.5 per cent with a bad debt ratio of 2.7 per cent. (Saigon Financial Investment)
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