Zarai Taraqiati Bank Ltd (ZTBL) has surpassed the recovery and disbursement targets of farm credit during the first six months January-June 2007. The bank recovered Rs 36.4 billion with a significant growth of 38 percent as against Rs 26.4 billion recovered during the corresponding period last year.
Rs 10 billion increase in recovery is the highest ever which also includes the SAM loans in addition to its regular loans thus making available of more funds for farm credit.
This was stated in bank's press release issued here on Wednesday. During the first six months January-June 2007, the bank's disbursement also reached new heights when it disbursed Rs 32.1 billion representing a 13 percent growth over the corresponding period last year exceeding the actual targets of Rs 28.5 billion. The pace of disbursement remained at 113 percent, said the press release.
The Bank's press release further said that ZTBL also exceeded lending target for the FY 2006-07 by disbursing Rs 56.3 billion as against assigned target of Rs 48 billion by State Bank of Pakistan (SBP). With a pace of disbursement as 117 percent, the bank registered a growth of 17 percent on the disbursement of Rs 47.6 billion made in the year 2005-06. Now the bank stands regained its lost share which hovers above 35 percent in the overall agri credit target of Rs 160 billion for the FY 2006-07. It also emerged once again as the largest source of institutional financing in the agri sector.
While releasing the full year recovery figures, the bank's press release said that it recovered Rs 57.6 billion which is also Rs 11.3 billion more against its recovery during financial year 2005-06 representing a growth of 25 percent.
In order to strengthen its deposit base, the bank raised deposit of Rs 3.5 billion as against Rs 2.8 billion as on 31.12.2006, thus adding to its financial viability for provision of more banking services for its customers, particularly rural clientele.
These milestones and unparalleled growth achieved by ZTBL in all its vital operations such as disbursements, recovery and deposits shows the bank's commitment for uplift of agri sector to alleviate rural poverty and help the government resolve economic revival through agriculture led growth.-PR