The Agricultural Development Bank (ADB) PLC has reported strong growth in customer deposits, marking an increase of over GH¢3.4 billion from GH¢7.747 billion in September 2023 to GH¢11.147 billion in September 2024. According to the bank’s unaudited financial results for the third quarter of 2024, ADB’s profit after tax saw a dramatic rise to GH¢111.827 million, up from GH¢2.040 million in the same period last year. The bank also improved its liquidity ratio from 91.94% to 125.55%.

ADB’s total assets grew by more than GH¢4.5 billion, while its capital adequacy ratio increased from 1.35% to 8.26%. The bank is on track to meet or exceed the 10% minimum capital adequacy requirement by year-end.

Managing Director Alhassan Yakubu-Tali attributed this success to the steadfast support of stakeholders, noting that the achievements reflect the loyalty of ADB’s customers and the dedication of its board, management, and staff. He underscored the bank’s resilience and strategic agility in navigating challenging economic conditions, proving that ADB can continue to excel in tough times.

Operating under a universal banking license, ADB has made strides in reducing non-performing loans through focused recovery efforts. Recently, the bank earned multiple 5-star ratings in the Chartered Institute of Marketing Ghana (CIMG) Customer Satisfaction Survey Index Report and Awards. These awards, covering categories such as Consumer and Business Banking for customer satisfaction and service quality, were attributed to a two-year corporate strategy initiated in 2023.

ADB also achieved the first runner-up position for Business Banking Service Quality. With ongoing investments in digital banking and operational efficiency, the bank is setting new benchmarks for innovation in Ghana’s banking sector, solidifying its reputation as a trusted partner for both personal and business clients.

Source:TheDotNews