Banks disbursed Rs368.7 billion in agriculture credit during the first 10 months of the current fiscal year, which constitutes 73.7% of the annual target of Rs500 billion.
According to latest data released by the State Bank of Pakistan (SBP), the agriculture credit provided in July-April was 28% higher than the disbursement of Rs288.4 billion in the corresponding period of previous fiscal year.
The outstanding portfolio of agricultural loans also surged by Rs35.6 billion, or 12.7%, from Rs280.7 billion to Rs316.3 billion at the end of April.
Five major banks, as a group, disbursed Rs186.9 billion, or 74% of their annual target, during the period under review. Similarly, the two specialised banks – Zarai Taraqiati Bank (ZTBL) and Punjab Provincial Cooperative Bank (PPCBL) – disbursed Rs71.2 billion, or 70.1% of their annual target of Rs101.5 billion, in July-April.
Fifteen domestic private banks collectively disbursed Rs81.8 billion, or 70.8% of their target of Rs115.6 billion, in the 10-month period while eight microfinance banks disbursed Rs24.2 billion, or 85.9% of their annual target.
Four Islamic banks, as a group, have already surpassed their annual target by disbursing Rs4.6 billion against the target of Rs2.3 billion during the period under review, the SBP said.
Amongst the five major banks, Habib Bank achieved 85.8% of its annual target in the last 10 months. MCB Bank achieved 83.8% of its annual target while United Bank, National Bank and Allied Bank could achieve 81.3%, 63.4% and 55.5% of their annual targets.
Under the specialised banks category, ZTBL disbursed Rs64.8 billion, or 72% of its target of Rs90 billion, while PPCBL disbursed Rs6.3 billion, or 56% of the target of Rs11.5 billion.
Of the 15 domestic private banks, Bank of Khyber achieved 92.6%, Faysal Bank (92%), JS Bank (90.2%), NIB Bank (64.7%), Sindh Bank (62.8%), Bank Al Habib (59.6%), Bank Alfalah (58.7%), Soneri Bank (55.2%), The Bank of Punjab (54.5%), Silkbank (54.2%), Summit Bank (52.9%), Habib Metropolitan Bank (52.1%) and Askari Bank (43.5%) of their respective annual targets during the 10-month period.
Standard Chartered Bank has already crossed its annual target of Rs2.5 billion by disbursing Rs5.8 billion