Agribank disbursed loans worth over N.dollars 246 million

Agribank disbursed loans worth over N.dollars 246 million in the financial year ended 31 March 2020.

This was revealed in a statement issued after the bank’s first-ever virtual Annual General Meeting held on Thursday.

It said of the N.dollars 246 million, more than N.dollars 21 million was paid to female clients while N.dollars 52 million went to the youth below 40 years of age.

The statement added that the bank also extended funding worth over N.dollars 15 million to communal farmers without collateral, while over 8 000 farmers countrywide benefitted from training and mentorship interventions during the same period.

“The bank continues to deliver credible financial performance as its loan book grew by 11 per cent to N.dollars 3.01 million in 2020 from N.dollars 2.8 million in 2019. Interest income went up by 12.7 per cent to N.dollars 243 million, while the operating expenses went up by only 4.2 per cent from N.dollars 136.7 million in 2019 to N.dollars 142.5 million in 2020,” the statement reads.

Agribank Chief Executive Officer Sakaria Nghikembua was quoted in the statement as saying the bank will continue to preserve the business through securing sustainable sources of affordable loan book funding.

“We will ensure new business growth, maintain positive collections trajectory and prudently manage expenses while managing provisions for bad debt. Our focus is to diversify the loan book for climate resilience and inclusivity by bringing on board the youth, women and communal producers,” he said

Other highlights include the collection of over N.dollars 323 million in arrears, while the bank continues to feature amongst the top 25 positively communicating brands in the country, the statement reads.

Speaking at the same occasion was Minister of Public Enterprises Leon Jooste, who said Agribank is one of the most compliant public enterprises and has an extremely well-governed structure.

Joost indicated that the quality of governance directly translated into the credible performance of Agribank over the past few years.

Source: Namibia Press Agency