Agribank’s after tax profit for the year to December 31, 2018 jumped 63% to $13 million from $7, 9 million recorded the prior comparable period.

Management attributed the improvement to growth in non–interest income and interest income contributing 69% and 31%, respectively for the year 2018 on the back of marked growth in the loan book during the year.

Non-interest income grew by 35 percent to $16, 4 million from $12, 2 million recorded in 2017 owing to increased transactions from the electronic banking and ICT delivery channels, making up 75 percent of non-interest income.

Interest income grew by 21, 2% to $37, 1 million from $30, 5 million recorded in 2017.

Total operating expenses grew by 17% to $27, 9 million for the year up to December 2018 from $23, 8 million in the same period in 2017.

The growth in operating expenses was credited to business growth initiatives undertaken during the year as most customer transactions were conducted electronically thereby reducing the cost of doing business.

Non-performing loans (NPL) ratio improved to 8,75% (a better result compared to industry average of 9,35%) as at the end of December 2018 from 13, 5% in 2017 owing to sustained debt recovery initiatives and more prudent lending methods.