ZTBL contributes 10pc of its net profit to people affected by flood

ISLAMABAD: The Zarai Taraqiati Bank (ZTBL) has announced that it will contribute 10 percent of its net profit to flood victims, a press release issued here said.

In June 2022, ZTBL registered Rs 514 million after tax profit thus converting the loss-making state-owned enterprise into a profitable entity after years.

Out of its earned profit in June 2022, ZTBL said it will earmark 10 percent (Rs 50 million) of the net profit to flood-ravaged areas. President ZTBL Muhammad Shahbaz Jameel handed over the cheque to Finance Minister Miftah Ismail here at Finance Division on Friday.

In December 2020, the bank had sustained Rs 3.2 billion pre-tax loss and Rs 2.5 billion after-tax loss. However, in December 2021, ZTBL’s after-tax loss was Rs 1.7 billion while the bank registered pre-tax profit (Rs 1.8 billion) in the same period.

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 has met the entire operating expenses and taxation impact.

Copyright Business Recorder, 2022