The Agricultural Development Bank (ADB) PLC has recorded an impressive surge in its financial performance, with customer deposits growing by over GHS3.4 billion from GHS7.747 billion in September 2023 to GHS11.147 billion in September 2024.
This achievement, reflected in the bank’s unaudited financial statements for Q3 2024, underscores ADB’s ongoing commitment to growth and resilience in Ghana’s banking industry.
ADB’s financial success extends beyond deposits; it achieved a remarkable profit after tax of GHS111.827 million, a substantial increase compared to the GHS2.040 million recorded in the same period last year. Additionally, the bank’s liquidity ratio rose significantly from 91.94% to 125.55%, reinforcing its ability to meet customer demands and strengthen its financial stability.
The bank’s total assets also experienced notable growth, increasing by over GHS4.5 billion. ADB’s capital adequacy ratio—a key indicator of financial health—climbed from 1.35% to 8.26%, positioning it well to meet or exceed the minimum capital adequacy requirement of 10% by year-end. This development reflects the bank’s enhanced capability to absorb potential financial shocks and indicates a strengthened foundation for sustainable growth.
Alhassan Yakubu-Tali, the Managing Director of ADB, attributes these achievements to the unwavering support of stakeholders, including customers, the Board of Directors, management, and staff. “These historical successes and achievements are attributable to the continuous support and loyalty of our valued customers. It is 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,” Yakubu-Tali stated.
Yakubu-Tali also emphasized the resilience and effectiveness of ADB’s strategies in a challenging economic environment, noting, “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.”
To reinforce its financial standing, ADB has undertaken aggressive recoveries of non-performing loans, a strategic move aimed at improving its asset quality. By addressing these loans, the bank has been able to clean its financial books, allowing for a more accurate reflection of its financial health and operational efficiency.
The bank’s efforts in customer care and service quality were also recognized recently. At the Chartered Institute of Marketing Ghana (CIMG) Customer Satisfaction Survey Index Report Launch and Awards Night, ADB was awarded multiple 5-star ratings, solidifying its reputation for excellence. This recognition aligns with ADB’s two-year corporate strategy, introduced in 2023, which focuses on enhancing customer care and service quality as one of its strategic pillars.
Specifically, ADB achieved 5-star ratings in several categories, including Customer Satisfaction – Consumer Banking, Customer Satisfaction – Business Banking, Service Quality – Consumer Banking, and Service Quality – Business Banking. Additionally, the bank was named First Runner-Up in Business Banking Service Quality. These accolades reflect ADB’s dedication to maintaining high standards in both consumer and business banking sectors.
The bank’s focus on customer satisfaction and service quality is complemented by its continued investment in digital banking and service efficiency. ADB’s adoption of advanced digital solutions has improved the convenience and accessibility of its services, catering to the evolving expectations of customers. As banking clients increasingly demand seamless and innovative service, ADB’s commitment to digital transformation positions it as a trusted and competitive choice in Ghana’s banking sector.
By setting benchmarks for innovation, service quality, and customer satisfaction, ADB continues to strengthen its standing as a leading player in the industry. The bank’s growth in deposits, profit, and assets signals a strong and adaptable institution prepared to navigate economic fluctuations while upholding its commitment to customers.
Through a combination of strategic focus, stakeholder support, and operational excellence, the Agricultural Development Bank has demonstrated that it is well-positioned for sustained growth.
