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Home / Business / 33.5% of Rs500b target: Agri credit soars by 42.7% to Rs167.6b in 5 months of FY14-15
33.5% of Rs500b target: Agri credit soars by 42.7% to Rs167.6b in 5 months of FY14-15

33.5% of Rs500b target: Agri credit soars by 42.7% to Rs167.6b in 5 months of FY14-15

KARACHI: The banks have disbursed Rs167.6 billion during the first five months (Jul-Nov 2014) of current fiscal year, showing 42.7pc growth as they disbursed Rs117.4 billion during the corresponding period last year.

The total amount of agricultural loans ie Rs167.7 billion is 33.5pc of the overall annual target of Rs500 billion. The outstanding portfolio of agricultural loans has increased by Rs36.0 billion i.e. from Rs266.8 billion to Rs302.8 billion at end November 2014 as compared to same period last year, said report released by State Bank of Pakistan.

Amongst the major banks, MCB has achieved 52.5pc of its annual target, UBL achieved 45.2pc, HBL 40.9pc, ABL 30.9pc while NBP could achieve only 27.7pc of its individual annual target. Under the specialised banks category, ZTBL disbursed Rs15.7 billion or 17.5pc against its target of Rs90.0 billion while PPCBL disbursed Rs2.1 billion i.e. 18.2pc against its target of Rs11.5 billion during the period under review.

Within fifteen domestic private banks, Bank Alfalah has achieved 47.8pc, Faysal bank 47.7pc, Summit bank 44.7pc, Bank of Khyber 42.6pc, NIB bank 36.7pc, Silk bank 34.7 pc, Bank Al Habib 32.9pc, Soneri Bank 25.9pc, Bank of Punjab 21.5pc while Askari bank could achieve only 21pc of their annual targets during Jul-Nov 2014, however Standard Chartered Bank has disbursed Rs 3.6 billion against its annual target of Rs 2.5 billion for 2014-15.

Under microfinance category, seven microfinance banks as a group has disbursed Rs 7.6 billion against their annual target of Rs 28.2 billion while under Islamic mode of financing, 4 Islamic banks collectively disbursed Rs 0.7 billion against their targets of Rs 2.3 billion to agri. borrowers.