KARACHI: Banks’ credit disbursement to agriculture sector rose by 17 per cent to Rs231 billion in the first nine months of this fiscal year, the State Bank reported on Monday.

The central bank noted that the growth in the agriculture credit was almost in the line with the planned policy for the current fiscal year.

The monthly average of credit off-take by the agriculture sector was Rs25.6bn while the required average rate in the next three months is Rs28bn. The target for the agriculture credit for 2012-13 is Rs315bn.

The SBP said that the disbursement of credit to the agriculture sector increased by over Rs33.7bn during the July-March period of this fiscal year against Rs197.3bn disbursed in the corresponding period last year.

Overall credit disbursement by five major commercial banks including Allied Bank, Habib Bank, MCB Bank, National Bank of Pakistan and United Bank stood at Rs123.7bn as compared with Rs107.6bn disbursed in the same period last year, an increase of 14.9 per cent.

Zarai Taraqiati Bank, the largest specialised bank, disbursed a total of Rs37.9 billion compared to Rs37.8 billion in the same period last fiscal year.

The Punjab Provincial Cooperative Bank Limited disbursed Rs5.4 billion while it disbursed Rs6 billion in the same period last year.

Fourteen domestic private banks also loaned a combined amount of Rs51 billion compared to Rs37.3 billion disbursed last year.

Five Microfinance Banks including Khushhali Bank Ltd, NRSP Microfinance Bank Ltd, The First Microfinance Bank Ltd, Pak Oman Microfinance Bank Ltd and Tameer Microfinance Bank Ltd disbursed Rs12.9 billion compared to Rs8.5 billion in the corresponding period last year.