This was an increase of R89.7m from its net profit of R304.6m in |the 2012/13 financial year, acting
The loan book grew from R26.5 billion in 2012/13 to R33bn in the |period under review.
Investment income increased marginally, from R53.6m to R56.3m.
Non-trading and capital items improved from a net loss of R10.1m in 2012/13 to a profit of R9.5m in the year under review.
Mdlalose, pictured, said the agricultural sector's performance showed an improvement in the period to December last year, compared with the previous year. The gross value of agricultural production last year was estimated at R187bn. This was an increase of 8.5 percent over the previous year's R172bn.
Total farming debt increased by 15.5 percent.
She said that while the agricultural sector performed positively in general, some parts of the country had experienced adverse weather, such as drought.
"The effects of drought experienced by the sector during the previous season have been evident in tight grain stock supply, with the need to increase maize imports," she said.
"As supply improved during the course of the season, maize prices have subsequently subsided from levels seen earlier in the season on the back of favourable crop forecasts for the 2014 season."
Mdlalose said wheat prices remained "bullish" due to production |disruptions related |to "developments in
At the end of last year, protests erupted in
Mdlalose said the
"Our healthy financial outlook… enables us to attract other potential investors and multilateral funders at relatively competitive rates. Such presents the bank with an opportunity to competitively increase its investment in the sector."
Meanwhile, a new
"When assessments are completed, we will send recommendations to National Treasury and they will give the final stamp of approval," Ngubane told reporters.
"It should be in early September."
He said a number of professionals from different backgrounds had applied for the job, and a rigorous interview process was carried out. Short- listed candidates were undergoing assessments.
"It's almost complete. When it's done, we will send recommendations to Treasury."
In December, Phakamani Hadebe stepped down as the bank's chief executive officer. Hadebe was transferred from the National Treasury to the
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