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Johannesburg - The Land Bank has turned the corner and reached a new milestone, Finance Minister Pravin Gordhan said on
Thursday.
Speaking at the financial results presentation of the Land Bank in Midrand, Gordhan said that the bank had changed for the better compared to two years ago, when it was "in a disastrous state" .
Group profit was R354m compared to a profit of R145m in 2009, while the net cash surplus declined to R1.9bn from R3.5bn in 2009.
The Land Bank has previously been involved in allegations of corruption and mismanagement of funds.
Gordhan said that since the new management took over the bank, it has been improving.
He called on the board and executive managers to now focus on developing the South African agricultural sector.
"The bank needs to take into consideration the state of agriculture in this country and what its contribution is going to be," Gordhan said.
"It has to ask itself what role it will play in the next five years in the developmental role we expect of it, yet remaining a financially viable institution."
Gordhan added that the agricultural sector has deep structural challenges that need to be addressed, so that it could play a key role in solving "our unemployment problem".
The role of the bank going forward, Gordhan said, is to reduce unemployment, especially in rural areas and reducing economic vulnerability.
Thursday.
Speaking at the financial results presentation of the Land Bank in Midrand, Gordhan said that the bank had changed for the better compared to two years ago, when it was "in a disastrous state" .
Group profit was R354m compared to a profit of R145m in 2009, while the net cash surplus declined to R1.9bn from R3.5bn in 2009.
The Land Bank has previously been involved in allegations of corruption and mismanagement of funds.
Gordhan said that since the new management took over the bank, it has been improving.
He called on the board and executive managers to now focus on developing the South African agricultural sector.
"The bank needs to take into consideration the state of agriculture in this country and what its contribution is going to be," Gordhan said.
"It has to ask itself what role it will play in the next five years in the developmental role we expect of it, yet remaining a financially viable institution."
Gordhan added that the agricultural sector has deep structural challenges that need to be addressed, so that it could play a key role in solving "our unemployment problem".
The role of the bank going forward, Gordhan said, is to reduce unemployment, especially in rural areas and reducing economic vulnerability.
