ZTBL contributes 10 percent of its net income to flood victims

September 11, 2022September 11, 2022 admin 0 Comments flood victims, ZTBL contributes

Islamabad: The Zarai Taraqiati Bank Limited (ZTBL) on Friday contributed 10 percent of its net profit for the rehabilitation of flood victims as the bank registered Rs 514 million after tax profit.

President ZTBL Muhammad Shahbaz Jameel handed over the cheque to Finance Minister Miftah Ismail and further assured extending all possible support for reviving agriculture sector in the country damaged due to the recent flash floods.

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He informed that the loss-making state-owned enterprise was thus converted into a profitable entity after years, adding that out of its earned profit in June 2022, ZTBL will earmark 10 percent about Rs 50 million of the net profit to flood-ravaged areas.

In December 2020, the bank had sustained Rs 3.2 billion pre-tax losses and Rs 2.5 billion after-tax loss, he said, adding that in December 2021, ZTBL’s after-tax loss was Rs 1.7 billion while the bank registered pre-tax profit of Rs 1.8 billion as compared to the corresponding period of last year.

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In a major development, ZTBL registered Rs 514 million after-tax profit and Rs 2.9 billion pre-tax income while the revenue generated by the agri-financing bank had met the entire operating expenses and taxation impact, he added.