ADB records GHS3.4 billion deposit growth; profit continues to soar

The Agricultural Development Bank (ADB) PLC has recorded a significant growth in its customer deposits by over GHS3.4 billion, from GHS7.747 billion in September 2023 to GHS11.147 billion in September 2024.

According to the bank’s published unaudited financial statements as at end of Q3 2024, the bank also recorded an impressive profit after tax of GHC111.827 million compared with

GHC2.040 million recorded during the same period in 2023. Liquidity ratio of the bank also grew from 91.94 per cent to 125.55 per cent.

The bank’s total assets also grew by over GHS4.5 billion and its capital adequacy ratio has also moved from 1.35 per cent to 8.26 per cent, and it is well positioned to meet or exceed the minimum capital adequacy of 10 per cent by end of the year.

The Managing Director of the bank, Alhassan Yakubu-Tali noted that the remarkable record was due to the continuous support of all stakeholders. “These historical successes and achievements are attributable to the continuous support and loyalty of our valued customers.

They are also as a result of the hard work of our Board of Directors, management, and staff to make the bank more robust and also to maintain its position as one of the market leaders in the banking industry,” the Managing Director said.

“These remarkable figures also reflect our resilience and the effectiveness of our strategies in a challenging economic environment. It demonstrates that we can perform well, even in adversity,” he added.

The Agricultural Development Bank, which operates with a universal banking licence that allows it to undertake all banking and related services, embarked on aggressive recoveries of the non-performing loans in an effort to clean its books.

ADB PLC recently received several 5-Star ratings at the Chartered Institute of Marketing Ghana (CIMG) Customer Satisfaction Survey Index Report Launch and Awards Night.

The recognition is a direct consequence of strong commitment to the implementation of a customer care and service quality strategic pillar as part of a two-year corporate strategy introduced by the bank in 2023.

The bank garnered 5-Star Ratings in: Customer Satisfaction - Consumer Banking; Customer Satisfaction - Business Banking; Service Quality - Consumer Banking; and Service Quality -Business Banking. The bank was also adjudged the First Runner-Up position in Business Banking Service Quality.

With an increasing investment in digital banking and service efficiency, ADB continues to be among the leading banks, setting benchmarks for innovation and excellence in Ghana’s banking industry. As customer expectations rise, ADB’s ability to adapt and improve makes it a trusted and reliable choice for both individual and business clients alike.