State-run Vietnam Bank for Agriculture and Rural Development, the country's largest lender, said its assets rose 22.7% in 2006 from the previous year to 233.9 trillion VNDong (14.5 billion US$).
Loans by Agribank were 15.7% higher at the end of 2006 at 186.33 trillion VNDong (11.5 billion US$).
A report says: "While lending has achieved a high and continuous growth, the bad debt based on new standards in line with the international accounting practice only accounted for 1.9% of the total loans."
Agribank, ordered by the government to go public in 2008 following similar moves by state-run Vietcombank and Mekong Delta Housing Bank this year, had aimed to keep the bad debt ratio at 5% in 2006.
Deposits expanded 24.3% last year to 225.5 trillion VNDong (13.9 billion US$), the bank said. Agribank said it raised more of the funds from the public partly through several bond issues and had reduced reliance on central bank loans.
Source: Reuters
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