KARACHI: The banks have achieved the 88% of the annual target of Rs500 billion by giving Rs439.8 billion agriculture loans during the first 11 months of the outgoing financial year.
According to the State Bank of Pakistan (SBP), the agriculture credit disbursed in July-May was 31.4% higher than the disbursement of Rs334.7 billion made during the corresponding period of previous fiscal year. The outstanding portfolio of agriculture loans has also surged by Rs43 billion, or 15.5%, on a yearly basis from Rs277.1 billion to Rs320.1 billion at the end of May.
The SBP called the performance of five major banks satisfactory, as they have disbursed Rs229.3 billion or 90.8% of their combined annual target so far. Two specialised banks, namely Zarai Taraqiati Bank (ZTBL) and Punjab Provincial Cooperative Bank (PPCBL), disbursed Rs86.8 billion, or 85.4% of their annual target of Rs101.5 billion, during the first 11 months of 2014-15.
Fifteen domestic private banks collectively disbursed Rs91.2 billion, or 78.9% of their combined annual target of Rs115.6 billion. Eight microfinance banks disbursed Rs27.8 billion, or 98.8% of their annual target, the SBP said.
Four Islamic banks have collectively surpassed their annual target by disbursing Rs4.7 billion against the target of Rs2.3 billion during the period under review.
