Agricultural credit disbursement rises to Rs 151.861 Bln.

ISLAMABAD, 21 April , 2009 (Balochistan Times) -- Disbursement of credit to the agriculture sector by commercial and specialized banks has increased by 9.57 percent year on year to Rs 151.861 billion during the first nine months (July-March) of the current fiscal year (2008-09). Agricultural credit disbursement, in absolute terms, rose by Rs 13.264 billion in July-March, 2009 period when compared with disbursement of Rs 138.597 billion during the same period of the last fiscal year (2007-08). Overall credit disbursement by five major commercial banks including Allied Bank Limited, Habib Bank Limited, MCB Bank Limited, National Bank of Pakistan and United Bank Limited stood at Rs 74.365 billion during July-March, 2009 period, compared with Rs 65.125 billion during the same period of the last fiscal year, depicting an increase of Rs 9.24 billion or 14.2 per cent. Zarai Taraqqiati Bank Limited, the largest specialized bank, has disbursed Rs 45.40 billion in July-March, 2009 period, up 14.76 percent when compared with Rs 39.561 billion during the same period of the last fiscal year, while disbursement by Punjab Provincial Cooperative Bank Limited stood at Rs 3.539 billion in July-March, 2009 period, compared with Rs 3.935 billion during same period last fiscal year. Besides, 14 domestic private banks also loaned a combined Rs 28.557 billion in July-March, 2009 period, compared with Rs 29.975 billion disbursed in July-March, 2008 period. It may be recalled that the State Bank of Pakistan has set an indicative credit disbursement target of Rs 250 billion for the agriculture sector for the current 2008-09 fiscal year (FY09) which is higher by Rs 50 billion or 25% than last fiscal years target of Rs 200 billion and Rs 38 billion or 18% higher than the actual disbursement of Rs 212 billion in FY2008.

(THROUGH ASIA PULSE)