KARACHI, Oct 22: Agriculture sector attracted 28 per cent more credits during the first quarter than the corresponding period of last year.

The State Bank on Wednesday reported that disbursement of credit to agriculture sector by commercial and specialised banks increased 28.36 per cent year-on-year basis to Rs46.618 billion during the first quarter (July-September) of the current fiscal year.

Agricultural credit disbursement, in absolute terms, rose by Rs10.299 billion in July-September 2008 period when compared with disbursement of Rs36.319 billion during the same period of the last fiscal year.

Overall credit disbursement by five major commercial banks, including Allied Bank, Habib Bank, MCB Bank, National Bank and United Bank stood at Rs25.638 billion during the said period compared with Rs19.494 billion during the first quarter of last year, depicting an increase of Rs6.144 billion or 31.52 per cent.

The Zarai Taraqiati Bank, the largest specialised bank, disbursed Rs8.741 billion during the quarter compared with Rs7.222 billion of last year, while disbursement by the Punjab Provincial Co-operative Bank Limited stood at Rs0.819bn compared with Rs1.265bn of last year.Besides, 14 domestic private banks (DPBs) also loaned a combined Rs11.42bn, up 36.97 per cent as compared Rs8.337bn disbursed last year.