Agribank has so far recorded a year to date profit to 31 May 2017 of $US 1,8 million compared to budgeted profit of $US 463 203 with interest income on capitalization Treasury bills contributing $753 014 to the reported profit, the bank’s Chief Executive Officer, Sam Malaba has revealed.
By Jeoffrey Ncube
In a statement accompanying the bank`s results, Malaba said the bank is actively supporting export promotion through availing appropriately priced and tenured lines of credit, as necessary to give impetus to export growth while generating the much needed foreign currency for the economy.
Malaba added that the bank has identified opportunities for growth through launching new products.
“The bank has identified opportunities for growth, in particular the ICT based platform and e-channels transactions.
“The bank has launched new products including Agriplus (instant card), Agricash, deployment of over 2500 Point of machines and targeting an additional 3500 POS machines roll out before the end of the year, including Agency banking.
“It is commendable that the Bank has been growing its ICT and E channels contribution to non funded income, which helped to compensate for lost margins on the Bank`s traditional non-interest income lines,” said Malaba.
Meanwhile the bank is expanding on micro finance lending as part of the financial inclusion initiatives while opening Micro Finance for its 18 branches and expanding Green markets interventions in support of traders at Mbare Musika, Sakubva, Renkini, Masvingo, Gweru Kudzanayi, among others.
“Lending under the green markets initiative growing and the bank is targeting major provincial and district markets across the country therefore as part of green markets programmes, the bank is providing financial literacy to traders and to date, over people have been trained,”he said.
