Agribank blames sanctions for loss

Agribank posted a loss after tax of $8,2 million for the financial year ended December 31 2010 which it has attributed to the liquidity challenges and sanctions.

Cabinet has already authorised the cash- strapped bank to seek strategic partners as the government intends to offload its shareholding.

The bank’s loan-to-deposit ratio was way ahead of the industry average of 70% at 93%.

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