- Agricultural Development Bank (ADB) recorded a profit of GHC13.3 million in the First Quarter of the year 2020
- This is 36% less than the GHC20.826 million recorded during the same period in 2019
- The bank's operating revenue for 2020 Q1 was GHC126.871 million, compared to GHC112, 157 million for the same period in 2019
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YEN.com.gh has learned that the Agricultural Development Bank (ADB) recorded a drop of 36% in profit level in the First Quarter of the year 2020.
The 2020 Q1 result of GHC13.3 million was, therefore, lesser than the GHC20.826 million recorded during the same period in 2019.
Information available shows that this was revealed in the statement filed to the Ghana Stock Exchange (GSE).
Per a report by Ghana Web, the bank’s operating revenue for 2020 Q1 was GHC126.871 million, compared to GHC112, 157 million for the same period in 2019.
Analysts have concluded that the decline in profit could be attributed to the effect of the coronavirus.
A few months ago, the bank announced the conversion of GH¢150 million subordinated debt into equity.
The debt, which is owed to the Bank of Ghana, was converted at a price of GH¢3.25 per share.
This resulted in the issue of 46,153,846 new ordinary shares and increased the total number of ordinary shares in issue to 346,952,253 shares of no par value.
In other news, telecommunications company, MTN Ghana, recorded a 62% increase in profit in the First Quarter of the year 2020 with regard to their mobile money operations.
The GHC349 million revenue recorded comes at a time when the company faces macro-economic challenges as well as the effect of COVID-19 on business operations.
The company revealed that the strong performance was as a result of cash management initiatives.
READ ALSO: Ghanaians have faith in the economy - Bank of Ghana
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