Agribank has disbursed loans to the value of N.dollars 217 million, benefiting a total of 1 301 customers in the financial year ended 31 March 202/2021.

Of this amount, a total of N.dollars 44 million exclusively benefitted female clients compared to N.dollars 21 million in the previous financial year. An amount of N.dollars 39 million was lent exclusively to the youth, while N.dollars 13 million was lent to communal farmers without collateral.

This was revealed in the bank’s annual financial statement report on the affairs and activities of Agribank during the preceding financial year, availed on Thursday.

Pursuant to the above provision, the Board together with the management of the Bank presented the annual report to the government as the shareholder, represented by the Ministers of Finance and Public Enterprises, at the Annual General Meeting (AGM), that took place on Tuesday, 31 August 2021.

Agribank’s Marketing and Communications manager Rino Muranda stated that the bank has achieved an overall score of 82.2 per cent on the prudential standards rating based on an audited assessment, placing it in the A category of African Development Finance Institutions (DFI) for the third consecutive year.

He said the bank has delivered solid financial results for a fifth consecutive year, recording a surplus of N.dollars 37million, while a total of 13,948 farmers country-wide benefitted from training and mentorship interventions by the bank.

Despite the uncertainties brought by the Covid-19 pandemic, Muranda noted that the bank has delivered solid financial results for a fifth consecutive year. ‘During the period under review, Agribank’s total loan book increased by 2 per cent, while interest income increased by 1.2 per cent owing to the prudent financial management coupled with an increase in the Bank’s money market investments,’ he said.

Statistics further revealed that the bank’s expenses were contained at 6 per cent and the operating surplus decreased by 30.9 per cent to N.dollars 37.2 million in line with the market condition, while the total assets grew by 12.2 per cent from N.dollars 3.1 billion in 2019/2020 financial year to N.dollars 3.4 billion in the 2020/2021 financial year.

Source: The Namibia Press Agency