Land Bank head office in Centurion, Pretoria. Picture : Masi Losi

Johannesburg - The Land Bank recorded a net profit of R394.3 million in the 2013/14 financial year, a 29.4 percent increase from the previous financial year, it said in its annual report released on Monday.

Investment income increased marginally, from R53.6m in 2012/13 to R56.3m in 2013/14.

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.

Acting Land Bank chief executive Lindiwe Mdlalose said the agricultural sector's performance showed positive improvement for the period up to December 2013, compared to the previous year.

The gross value of agricultural production for 2013 was estimated at R187.6m.

This was an increase of 8.5 percent over the previous year's R172.9m.

Mdlalose said South Africa continued to be the net exporter of agricultural products.

“The value of trade was R72,493m for exports against R57,307m for imports.” - Sapa