July-November period: agricultural credit disbursement soars to Rs 167.6 billion

Banks disbursed some Rs 167.6 billion on account of agricultural credit during the first five months (July-November) of the current fiscal year (FY15). The disbursed amount is some 33.5 percent of the overall annual target of Rs 500 billion and 42.7 percent higher than the disbursement of Rs 117.4 billion made during the corresponding period last year.
The outstanding portfolio of agricultural loans increased by Rs 36 billion to reach Rs 303 billion at end-November compared to Rs 266.8 billion in the same period last year. Among major banks, MCB Bank achieved 52.5 percent of its annual target, United Bank Limited 45 percent, Habib Bank Limited 41 percent, Allied Bank Limited 31 percent while National Bank Limited could achieve only 28 percent of its individual annual target.
Under the specialised banks category, ZBTL disbursed Rs 16 billion or 17.5 percent against the target of Rs 90 billion while PPCBL disbursed Rs 2.1 billion, ie, 18 percent against the target of Rs 11.5 billion during the period under review.
Within 15 domestic private banks, Bank Alfalah achieved 48 percent, Faysal Bank 48 percent, Summit Bank 45 percent, Bank of Khyber 43 percent, NIB Bank 37 percent, Silk Bank 35 percent, Bank Al Habib 33 percent, Soneri Bank 26 percent, Bank of Punjab 21.5 percent while Askari Bank could achieve only 21 percent of its annual target during Jul-November 2014, however Standard Chartered Bank surpassed its target as it disbursed Rs 3.6 billion against the annual target of Rs 2.5 billion for FY15.
Under the microfinance category, seven MFBs as a group disbursed Rs 7.6 billion against their annual target of Rs 28 billion while under the Islamic mode of financing, four Islamic banks collectively disbursed Rs 0.7 billion against their targets of Rs 2.3 billion to agri borrowers.