The Agricultural Development Bank (ADB) Plc has reaffirmed its ambition of becoming one of Ghana’s top three performing banks, as it held its 38th Annual General Meeting (AGM) at the Bank’s Head Office.
Addressing shareholders, Board Chairman Mr. Kenneth Kwamina Thompson highlighted the Bank’s strong recovery in 2024 after a difficult 2023. He noted that ADB had “delivered impressive growth across its core operational and financial indicators, underscoring the Bank’s resilience and strategic progress during the year under review.”
The Bank recorded significant balance sheet growth, with total assets rising by 57% from GHS 9.31 billion in 2023 to GHS 14.60 billion in 2024. Customer deposits also surged by 41%, climbing from GHS 8.55 billion to GHS 12.05 billion.
Most notably, ADB swung from a heavy net loss of GHS 828.8 million in 2023 to a profit of GHS 35.06 million in 2024. “A remarkable 104% turnaround,” Mr. Thompson said, crediting operational improvements and cost control measures, though he admitted profitability “remained modest relative to peers.”
However, challenges persist. The Bank’s loan book shrank by 12%, while its non-performing loan (NPL) ratio worsened, rising from 70.25% in 2023 to 75.26% in 2024. “Key challenges persist in the areas of loan book contraction and high non-performing loans, which continue to constrain credit growth and profitability potential,” Mr. Thompson cautioned.
Managing Director Mr. Edward Ato Sarpong attributed the turnaround to “a customer-centric approach, digital transformation, and staff dedication,” adding that the Bank had also deepened financial inclusion and strengthened internal controls in line with the Bank of Ghana’s Sustainable Banking Principles.
Acknowledging the burden of bad loans, he stressed: “This remains a critical area of concern, and to address credit risk pressures, we have strengthened our credit risk management framework and introduced robust recovery mechanisms to reduce NPLs.”
Looking ahead, Mr. Sarpong unveiled a new strategic plan aimed at propelling ADB into the top three banks in Ghana. The plan is anchored on innovation, competitiveness, operational excellence, and technology adoption, underpinned by new corporate values: Responsibility, Entrepreneurship, Service Excellence, Integrity, and Purpose-Driven Leadership.
“We are confident in our ability to deliver on this ambitious agenda, anchored in operational efficiency, innovation, and a firm commitment to social value creation,” the MD declared.
Emphasizing ADB’s broader mission, Mr. Sarpong reaffirmed the Bank’s dedication to agribusiness, MSME support, and community development. “Our new tagline, ADB, Beyond Banking, reflects our renewed purpose: redefining banking, empowering businesses, building futures, driving prosperity, and nurturing communities,” he said.
The AGM ended with shareholders approving all resolutions presented, signaling confidence in the Bank’s direction.
