ADB records GHS 37Im loss in 2022 but steadily picking up as H1 profit hits GHS 52m

Despite the impact of the Domestic Debt Exchange Programme on the banking sector which has caused the Agricultural Development Bank (ADB) Plc to lose over GHS 370 million in the 2022 financial year, ADB is making strides in its profitability for the first half of 2023.

For the first half of 2023, the bank has made some positive gains by recording over GHS 52 million profit after tax.

However, the Bank ended the 2022 Financial Year with a capital ratio of 7.3 percent which was below the regulatory minimum of 10 percent.

The Non-Performing Loan portfolio of the Bank witnessed a reduction from 31.21 percent to 29.74 percent.
The size of the balance sheet grew over the year from 6.5 billion cedis in 2021 to 7.4 billion in 2022, representing 14.9 percent growth.

Speaking at the 36th Annual General Meeting of the bank in Accra, the Managing Director of the Agricultural Development Bank Plc , Alhasan Yakubu – Tali said the bank is working within a two year strategy to significantly restore its fortunes by 2024.

“The board has approved a two year strategy which we are currently running. The results so far from our half year performance show that we are on the right track,” he said.

“As at half year we had returned to profitability with a half year profit of over GHS 52 million,” he disclosed.
Alhasan Yakubu – Tali however noted that the bank remains resolute as the government moves in with a second round of the Domestic Debt Exchange Programme.

“We must not forget that we have a second round of DDEP horizon which will affect us but remain very positive,” he added.

Source: Ghana Business