Agrobank eyes loan growth of RM1.2b for FY19

 Publish date: Thu, 14 Mar 2019, 2:28 PM

KUALA LUMPUR: Agrobank, formerly known as Bank Pertanian Malaysia Bhd, targets loan growth of RM1.2 billion for the financial year ending Dec 31, 2019 (FY19).
President/chief executive officer Syed Alwi Mohamed Sultan said for FY19, the loan balance totalled RM10.7 billion with loan growth of 12 per cent or RM1.2 billion, surpassing the earlier target of RM1 billion.
“As of February 2019, Agrobank recorded loan growth of RM47.62 billion, an encouraging start to FY19.
“This growth proves the agriculture and agro food sectors have good potential and are still relevant with demand continuing,” he said at a press conference in conjunction with the Agrobank Business Dialogue here today.
Also present were Agriculture and Agro-based Industry Minister Datuk Salehuddin Ayob, the ministry’s secretary-general Datuk Mohd Sallehhuddin Hassan and Agrobank chairman Tan Sri Mohamad Zabidi Zainal.
Syed Alwi said the non-performing loans (NPL) ratio declined to 4.08 per cent in FY18 from 4.5 per cent the previous year.
“Agrobank targets the NPL ratio to decline to four per cent this year, aided by better debt collection, ensuring quality assets and strengthening underwriting standards,” he said.
On micro financing, Syed Alwi said Agrobank projects RM290 million in financing this year for this segment, a rise of RM70 million.
Meanwhile, Mohamad Zabidi said in his speech that Agrobank is committed to ensuring Malaysia’s agriculture industry continues to grow in tandem with other industries.
Agriculture is one of the national economy’s main growth drivers with good prospects, he pointed out.
 - Bernama
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