Agricultural credit disbursement surges to Rs219.5bn in first half of FY15

Karachi: State Bank of Pakistan (SBP) Wednesday said during the first half of current fiscal year (Jul-Dec 2014) the banks have disbursed agricultural credit of Rs 219.5 billion which is 44% of the overall annual target of Rs 500 billion and 38% higher than disbursement of Rs 159.4 billion made during the corresponding period last year. The outstanding portfolio of agricultural loans has increased by Rs 34.7 billion from Rs 276.7 billion to Rs 311.4 billion at end December 2014, as compared to same period last year.

Amongst the major banks, MCB Bank has achieved 64.3% of its annual target, UBL achieved 55.2%, HBL 51%, ABL 37.6% while NBP could achieve only 34.6% of its individual annual target. Under the specialized banks category, ZTBL disbursed Rs 27.8 billion or 30.9 % against its target of Rs 90.0 billion while PPCBL disbursed Rs 4.2 billion i.e. 36.6 % against its target of Rs 11.5 billion during the period under review.

Within fifteen domestic private banks, Bank of Khyber has achieved 72.4%, Faysal Bank achieved 57.3%, Bank Alfalah 51%, Summit Bank 44.8%, NIB Bank 42.7%, Bank AL Habib 38%, Silkbank 36.7 %, Soneri Bank 33.4%, Askari Bank 30%, Bank of Punjab 29.5% while Sindh Bank could achieve only 27.9% of their annual targets during Jul-Dec 2014, however Standard Chartered Bank has disbursed Rs 3.7 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 13.8 billion against their annual target of Rs 28.2 billion while under Islamic mode of financing, four Islamic banks collectively disbursed Rs 0.9 billion against their targets of Rs 2.3 billion to agricultural borrowers.

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