Islamabad: The Zarai Taraqiati Bank Limited (ZTBL), Pakistan’s premier specialized financial institution, has marked a significant milestone in its six-decade history with record-breaking financial results in 2023. ZTBL has emerged as a key player in the country’s economy, particularly in the development of the agriculture sector.
Financial Highlights:
- ZTBL achieved its highest-ever profit before tax of Rs. 17,606 million in 2023, compared to Rs. 7,458 million in 2022.
- After-tax profit surged to Rs. 10,984 million in 2023, up from Rs. 5,123 million in 2022.
- Earnings per share (EPS) rose to Rs. 2.10 in 2023, compared to Rs. 0.97 in 2022.
- The Bank extended credit of Rs. 93 billion to over 300,000 farmers during the year.
- ZTBL played a significant role in the implementation of the PM Kissan Package-2022, disbursing Rs. 29.5 billion, especially for farm mechanization and flood-affected areas.
- The Bank improved its Capital Adequacy Ratio (CAR) to 37.76%, well above the SBP requirement of 11.50%.
Leadership and Management:
- President/CEO, Mr. Tahir Yaqoob Bhatti, a seasoned banker with over 35 years of experience, assumed his role during the third quarter of 2023.
- Chairman, BoD, Mr. Naeemuddin Khan, with over 40 years of versatile experience, also joined ZTBL during the same period.
Contribution to Agriculture Sector:
- ZTBL’s role in promoting the agriculture sector has been pivotal, contributing to 22.9% of the country’s GDP and employing nearly 37.4% of the labor force.
- The Bank focuses on serving subsistence and small farmers, comprising 89% of the total farmers, by extending agricultural credit and providing agro-advisory services.
- ZTBL strategically operates in rural, underserved, and unbanked areas, with a branch network of 501 branches across 482 locations nationwide.
Initiatives and Programs:
- ZTBL introduced financing schemes tailored to the needs of subsistence farmers, aiming to empower them and enhance food security.
- The Bank actively participates in national schemes like the Prime Minister’s Youth Business & Agriculture Loan Scheme and introduces newer initiatives like the Agri. E-Credit Scheme in Punjab.
- ZTBL facilitates society in performing religious obligations by assisting in the submission of Hajj applications.
Recognition and Awards:
- ZTBL has been recognized for its contribution to the National Financial Literacy Program by the State Bank of Pakistan (SBP), earning a special performance award of excellence in Financial Literacy (2024).
- The entity rating of ZTBL by VIS Credit Rating Company Limited (VIS) has been reaffirmed at ‘AAA/A-1+’ with a Stable outlook.
Acknowledgments:
- ZTBL acknowledges the support from the Government of Pakistan, the State Bank of Pakistan, the Board of Directors, and its dedicated staff in achieving these remarkable financial milestones.
Future Outlook:
- ZTBL considers this success as a modest beginning and is determined to close the year 2024 on a very successful and remarkable note by further increasing total assets, deposits, recovery, and lending activities under challenging economic circumstances and climate change.
ZTBL’s record-breaking performance in 2023 reflects its commitment to driving economic growth and empowering farmers across Pakistan.
Read more: ZTBL, Green Corporate Initiative to collaborate for agricultural development
