Agrobank's Loan Approvals Hit Record High Of RM8.44 Billion In First 9 Months
26/10/2016 (Bernama) - Agrobank approved a record RM8.44 billion in loans for the first nine months of 2016, up 13.4 per cent from the same period a year ago.
Agrobank Chairman Tan Sri Mohamad Zabidi Zainal said the financing reached an all-time high in the third quarter of this year compared with a 3.3 per cent increase in the same period last year.
He said RM5.1 billion or 59.9 per cent of the financing catered to the primary agriculture sector, of which RM3.1 billion was for the agro-food segment.
The achievement is commendable as Agrobank is still capable of continuing the strong growth momentum despite the volatile global economy, he told reporters on the sidelines of an information-sharing programme on the prospects in the agriculture industry hosted by Agrobank here, Tuesday.
He said Perak was a state with great potential in the agriculture industry and as at September this year contributed 11 per cent or RM938.9 million of the total financing of Agrobank, up 24.4 per cent from RM756.32 million in the same period a year ago.
Perak's crop industry received the highest loan approvals of RM449.75 million or 48 per cent of the total financing followed by oil palm at RM185.17 million, he added.
He said Perak also recorded deposit growth of 66.79 per cent totalling over RM359 million until September this year from RM215.4 million in the same period last year.
Mohamad Zabidi said the bank had appointed 284 AgroAgents which were made up mostly by area farmers organisations, fishermen associations and Agrobazaar people's stores.
"Despite being launched only in December 2014, the AgroAgent service has recorded more than 157,142 transactions worth over RM101.1 million.
"Thirty-five agents were appointed to serve Perak and 24 more will be appointed by year-end to bring the total to 59," he said.
At the event, Mohamad Zabidi also presented certificates of appreciation to three top AgroAgents in Perak, namely M.M.S. Sinar Enterprise (Agrobazaar people's store), Abd Aziz Jamal (Agrobazaar people's store) and Bagan Datoh Area Farmers Organisation.