AGROBANK GROWTH SPURT CONTINUES
Lender records highest-ever financing value of RM9b in first half of the year
AGROBANK Bhd recorded RM9 billion in financing business in the first half of the year in a sign that its growth momentum remains strong since becoming a full-fledged Islamic bank in 2015.
“Agrobank recorded its highest-ever financing value worth RM9 billion in the first half of the year.
“Of the total, RM5.6 billion was for primary agricultural sector and the balance RM3.4 billion for the agro-food segment,” said chairman Tan Sri Mohd Zabidi Zainal at the Agrobank Agropreneurs Awards 2017 presentation, here, yesterday.
Agrobank’s total financing value had increased 16.9 per cent to RM8.7 billion for the financial year ended December 31 2016.
Zabidi said agriculture would always be important as the sector had been identified as a National Key Result Area in the fourth National Agricultural Policy (2011-2020).
The agriculture sector is targeted to increase the gross national income by RM28.9 billion to reach RM49.1 billion and to create more than 109,000 jobs by 2020.
Earlier this year, then president and chief executive officer (CEO) Datuk Wan Mohd Fadzmi Wan Othman told NST Business he wanted Agrobank to grow about 10 per cent each year to achieve a market share of 33 per cent in primary agro-food by 2020.
Wan Fadzmi, who stepped down on August 31, has been credited with transforming the bank, revamping processes for better efficiency, reducing the non-performing finance to single digit and developing innovative financial products and services relevant to the agriculture community.
In the meantime, chief financial officer Masaat Awadz has taken over the duties of the CEO.
On the Agrobank Agropreneurs Awards, an eighth category called People with Disabilities (PWD) Agropreneur Award was included.
“The PWD Agropreneur Award is part of our financial inclusion initiative to provide services to the unserved and underserved,” said Zabidi.
He said Agrobank was already offering the Agro Bakti, a microfinancing product for PWD in agriculture.
Agrobank has also begun offering the Agro Nurani Takaful in March, which is the country’s first takaful plan for PWD, under a five-year collaboration with Takaful Ikhlas Bhd.
The other seven award categories are Young Agropreneur Award, Micro Agropreneur Award, Woman Agropreneur Award, Innovation Agropreneur Award, Loyal Customer Award (individual and company) and Excellent Agropreneur Award.
The award presentation was held in conjunction with the bank’s 48th anniversary.
Agriculture and Agro-based Industries Minister Datuk Ahmad Shabery Cheek officiated at the event.