AgriBank disbursed over N$300m in new loans to farmers
The AgriBank of Namibia has disbursed N$304 million in new loans to its clients during the 2017 financial year.
Of this amount, farmland purchased constituted the biggest component at N$ 103 million, livestock loans at N$44 million and productive infrastructure improvements at N$29 million, the bank's annual report shows.
Resettled farmers benefitted N$7 million in funding.
The banks loan book grew by 7.4% from N$2.43 billion in 2016 to 2.61 billion in 2017 and interest income accordingly increased by 6% from N$157.4 million in 2016 to N$167.5 million in 2017 the report further states.
Interest income on investments increased by 17.6% from N$16 million in 2016 to N$18.9 million in 2017 resulting from higher investment balances and better yields during the financial year.
Other operating income reduced by 12.5% from N$14.4 million in 2016 to N$12. 6 million in 2017 due to higher income from loan application fees and administration fees recorded in 2016 compared to 2017.
General administrative expenses rose by 11% from N$109.1 million in 2016 to N$121.4 million in 2017 driven by an increase in staff cost of 12.8%; provision for actuarial valuation on obligations N$4.4 million; new subscription fees for the use of rangeland monitoring tool N$1 million and increased depreciation due to the acquisition of new assets for the bank N$4.2 million.
Surplus for the year increased from N$7.5 million in 2016 to N$ 138.3 million in 2017.