The total loans and advances extended by NABARD during 2020-21 registered a growth of 25.2 per cent year-on-year to reach `6 lakh crore, with half of it going into production and investment, the bank said in its annual report.
The report said NABARD earned `34,671.2 crore income during 2020-21, or a 6.1 per cent increase over the preceding year. Its profit before tax in 2020-21 was ` 6,081.4 crore, against ` 5,234.3 crore in the year-ago period. The profit after tax was ` 4,320 crore compared with `3,859.2 crore in 2019-20.
The National Bank for Agriculture and Rural Development (NABARD) also said its balance sheet size reached `6.57 lakh crore as on March 31, 2021, most of which is on account of non-idle (earning) assets that, in turn, helped create private and public investments at the ground level.
“We achieved a record year-on-year growth of 24 per cent in our total assets and similar impressive growth in loan portfolio,” NABARD Chairman G R Chintala said in the annual report.
He noted that because of the government’s Aatmanirbhar Bharat package and hardworking farmers, the agricultural sector recorded a growth \of 3.6 per cent last year and is likely to repeat the performance in the current financial year also.