Published: 09 September 2013

The Agricultural Bank of Zimbabwe (Agribank) posted a $3.7 million loss for the 6 months ended June 30, 2013 due to low levels of lending and measures introduced by the Reserve Bank.

The $3.7 million loss was high compared to a loss of $2.4 million recorded by the bank in the first half of 2012.

Agribank chairman Sijabuliso Biyam said in a statement accompanying the group's financial results that loans and advances went down by 6.3% to $76.2 million while the balance sheet went down to $116.4 million from $128 million during the prior period.

Biyam said the decline in the balance sheet was due to repayments on international credit lines during the period under review.

During the six-month period operating income went down to $7.7 million from $9.2 million in 2012.
- newsday

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