Report shows ADB’s assets grew by 17 percent and deposits increased by almost 20 percent

Report shows ADB’s assets grew by 17 percent and deposits increased by almost 20 percent

- The Agricultural Development Bank has registered an improvement in finances for the first half of 2020

- It recorded growth in key areas such as assets, deposits, loans, and net interest income

- Its assets grew by about 17% and its deposits grew by almost 20%

Our Manifesto: This is what YEN.com.gh believes in

YEN.com.gh has learned that the Agricultural Development Bank (ADB) has registered an impressive performance in its half-year results.

Despite the outbreak of the coronavirus, the bank managed to grow in all key performance areas.

Areas considered included assets, deposits, loans, and net interest income.

READ ALSO: Stanchart records 20% increase in operating income for 2019

According to the bank’s unaudited half-year results, its assets grew by over 17.17 percent, or GHc800 million.

Per a report by thebftonline.com, the assets grew from GHc4.04 billion to GHc4.88 billion.

This followed a 26.6 percent growth in the loan book from GHc1.22 billion to GHc1.66 billion from June 2019 to June 2020.

ADB also registered a growth in deposits from GHc2.95 billion to GHc3.68 billion, which is a difference of GHc727.77 million or 19.26%.

According to the Managing Director of ADB, Dr John Kofi Mensah, the bank has, over the years, remained committed to its core business of financing agriculture and agribusiness.

Report shows that ADB’s assets grew by 17 percent and deposits increased by almost 20 percent
Dr John Kofi Mensah, MD of Agricultural Development Bank Source: myjoyonline.com
Source: UGC

He added that, with the outbreak of the coronavirus, it is important that Ghana implements measures to secure food production.

In other news, Universal Merchant Bank has recorded a 194% increase in profit for the half-year ended June 2020.

This comes in the wake of the negative economic effects of the outbreak of COVID-19.

The bank’s profit reportedly grew from GHc5.5 million in June 2019 to GHc16 million in 2020.

Its asset base also grew from GHc2.6 billion to GHc3.3 billion between June 2019 and June 2020, representing a growth of 25%.

READ ALSO: Seven SOEs to benefit from over GHc300 million package from CBG

Install our news app for Android and read the best news about Ghana!

Want to be featured on YEN.com.gh?

Send us a message on our Facebook page or on Instagram with your stories, photos, or videos.

Source: Yen Newspaper

Online view pixel