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ADBP earns Rs 543m profit

ISLAMABAD: The half yearly balance sheet of Agriculture Development Bank of Pakistan (1999-2000) indicates Rs 543.346 million net profit representing an increase of 77 percent against the corresponding period of last year.

The Board of Directors of ADBP, which met here on Wednesday, approved bank's half yearly balance sheet along with profit and loss account for the current financial (1999-2000).

ADBP Chairman Mohammedmian Soomro, who chaired the meeting, informed the board that the bank disbursed credits worth Rs 17.641 billion and recovered Rs 17.780 billion during the nine months of current financial year.

Analysing the lending operations, the bank chief informed the board that out of total disbursements of Rs 17.641 billion, credits of Rs 11.962 billion were provided for production purposes and Rs 5.679 billion as development loans to mechanise the farms constituting 68 percent and 32 percent respectively of the total loans disbursed.

On the recovery front, the chairman said in order to strengthen the financial base of the bank and to generate more loanable funds, the bank is taking various steps to accelerate the pace of recovery. The field functionaries have been directed to gear up their efforts and seek necessary cooperation of the local administration to retrieve the stuck-up loans. He also said the field functionaries have been given a target of 100 percent recovery of the recoverable loans. APP