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Karachi, June 20, 2012 (PPI-OT): According to the data released by State Bank of Pakistan (SBP), Advancing by Banks to the farming community surged by 13.11%YoY or PkR 29.566 bn to PkR 255.027 bn in 11MFY12 against PkR 225.461 bn in the same period last year.
Out of the total credit amount, PkR 132.385 bn were extended by five major commercial banks including Allied Bank Pakistan (ABL), Habib Bank Limited (HBL), MCB Bank Limited, National Bank of Pakistan (NBP) and United Bank Limited (UBL) in 11MFY12 as compared to PkR 123.1 bn in the corresponding period, depicting an increase of 7.54%YoY.
According to Alfalah Securities Limited, zarai Taraqiati Bank Limited (ZTBL) disbursed PkR 54.17 bn, Punjab Provincial Cooperative Bank Limited disbursed PkR 4.92 bn and other domestic private banks extended a total of PkR 51.68 bn in the period under review.
Moreover, five Microfinance Banks including Khushhali Bank Ltd, NRSP Microfinance Bank Ltd, The First Microfinance Bank Ltd, Pak Oman Microfinance Bank Ltd and Tameer Microfinance Bank Ltd. extended a total credit of PkR 9.963 bn in 11MFY12 period. Alfalah Securities Limited expects an increase in agricultural credit would bode well for the farming community as it would enable farmers to purchase tractors, pesticides and fertilizers thus improving the yields of agricultural products.