Agricultural credit disbursement rises over 9% to Rs 62.839 billion.

ISLAMABAD, November 19, 2009 (Balochistan Times): Agricultural credit disbursement by commercial and specialized banks rose 9.10 percent year-on-year to Rs 62.839 billion in the first four months (July-Oct.) of the current 2009-10 fiscal year (FY10). In absolute terms, disbursement of credit to agriculture sector increased by over Rs 5.239 billion in July-October, 2009 as compared to total disbursement of Rs 57.60 billion in the same period last year. Overall credit disbursement by five major commercial banks including Allied Bank Limited, Habib Bank Limited, MCB, National Bank of Pakistan and United Bank Limited stood at Rs 36.915 billion in July-Oct., 2009 compared with Rs 31.454 billion in July-Oct., 2008, depicting an increase of Rs 5.461 billion or 17.36 per cent. Zarai Taraqqiati Bank Limited, the largest specialized bank, disbursed a total of Rs 14.585 billion in July-Oct., 2009, up 20.65 percent when compared with Rs 12.089 billion in the same period last year, while disbursement by Punjab Provincial Cooperative Bank Limited stood at Rs 694.427 million in July-Oct., 2009 compared with Rs 882.732 million in the same period last year. Besides, 14 domestic private banks also loaned a combined Rs 10.644 billion in July-Oct., 2009 compared with Rs 13.173 billion disbursed in July-Oct., 2008. It may be recalled that the State Bank of Pakistan has set an indicative agricultural credit disbursement target of Rs 260 billion for FY10. Banks disbursed a total of Rs 233.01 billion to the agricultural sector in FY09.

(THROUGH ASIA PULSE)