The Agricultural Development Bank (ADB) PLC reported a major increase in customer deposits, surging by GH₵3.4 billion year-over-year to reach GH₵11.147 billion in September 2024, up from GH₵7.747 billion a year prior.

According to the bank’s unaudited Q3 2024 financial statements, ADB’s profit after tax also climbed dramatically, hitting GH₵111.827 million compared with GH₵2.040 million for the same period in 2023.

The bank’s liquidity ratio rose significantly, reaching 125.55% from 91.94% the previous year, and its total assets expanded by GH₵4.5 billion.

ADB’s capital adequacy ratio has also increased, moving to 8.26% from 1.35%, positioning the bank within reach of Ghana’s 10% minimum capital adequacy requirement by year’s end.

ADB’s Managing Director, Alhassan Yakubu-Tali, credited the performance to strong stakeholder support and a dedicated team.

“These successes reflect the loyalty of our customers and the hard work of our Board, Management, and Staff, which have strengthened our position as one of the banking industry’s market leaders,” he said.

Mr Yakubu-Tali added that ADB’s resilience under challenging economic conditions highlights the effectiveness of its strategies and commitment to growth.

ADB, holding a universal banking license, has also emphasized loan recovery efforts to improve its balance sheet.

The bank recently earned several five-star ratings from the Chartered Institute of Marketing Ghana’s (CIMG) Customer Satisfaction Survey Index, taking high marks in Customer Satisfaction for both consumer and business banking as well as Service Quality.

As part of a two-year corporate strategy initiated in 2023, ADB has ramped up investments in digital banking and service efficiency to meet evolving customer demands.