The Agricultural Development Bank PLC (ADB) has donated foodstuffs, including bags of rice and sugar, to the National Chief Imam, Dr. Sheikh Osmanu Nuhu Sharubutu, and his team of Imams as part of this year’s Ramadan celebration.
Donating, the Deputy Managing Director of ADB, Alhaji Alhassan Yakubu-Tali, indicated that the Bank was making similar donations nationwide as part of the Bank’s Corporate Social Responsibility and to deepen the already cordial business relationship that exists between the Bank and the Muslim Community.
The Deputy MD disclosed that the bank has branches in Muslim-dominated areas nationwide, such as Nima, Newtown, Madina, Tema East, Techiman, Nkoranza, etc and it’s services are greatly patronized by the Muslim fraternity.
Alhaji Yakubu-Tali called on Muslims to recognize the Bank as their own and patronize the numerous products and services available for individual and business entities. Alhaji Yakubu-Tali further disclosed that the bank performed well in the FY21 because of the prayers of the Chief Imam.
“Last year, we came on a similar visit and called for special prayers from His Eminence, The National Chief Imam, for the bank, and I am glad to report that in 2021 we made a profit of about 25% higher than the previous year and also grew our asset base from ¢5.7 billion in 2020 to ¢6.4 billion in 2021.”
Alhaji Alhassan Yakubu-Tali
The Deputy MD thanked the National Chief Imam and his team of Imams for the special prayers and, like the proverbial Oliver Twist, “asked for more” prayers for a better 2022 and beyond.
The Chief Imam, Dr. Sheikh Osmanu Nuhu Sharubutu, expressed gratitude to ADB for its support, praying for more success for the bank.
The Deputy Managing Director also donated to the Police Mosque in Cantonment.
ADB, the people’s bank
The Agricultural Development Bank continued its trend of profitability in the year 2021, after seeing its profit before tax rose by almost 30 per cent to hit GH¢126 million at the end of last year. According to the bank, a strong growth in the banks’ net interest income and net fees, coupled with commission income, and among others, contributed to its profitability in the 2021 financial year.
ADB’s audited statement of comprehensive income for the year ended December 31, 2021, suggested that the Bank’s profit after tax increased by about 25 per cent from the GH¢ 65.4 million recorded in 2020 to the GH¢ 81.6 million recorded in 2021 financial year.
It is one of the few banks that was involved in loans and advancement during 2020, amid coronavirus. This was demonstrated in the significant growth in interest income as well as fees and commissions despite a jump in its bad debt from GH¢15 million to GH¢23 million. The Bank was successfully listed on the Ghana Stock Exchange (GSE) on December 20, 2016.
The value of ADB’s total assets in 2020 stood at about GH¢ 5.7 billion. This jumped to about GH¢ 6.5 billion in 2021, representing a growth of about 13 per cent. A closer look at the banks’ assets structure shows a marginal growth of about 8 per cent in its investment securities to about GH¢2.4 billion in 2021. Loans and advances on the other hand grew strongly by almost 20 per cent to hit about GH¢ 2.3 billion last year.
The bank aims at becoming the People’s bank, by harnessing the transformational power of agribusiness for wealth creation, growing a strong solid customer-centric providing profitable and diversified financial services for a sustained contribution to agricultural development and wealth creation.
READ ALSO: Amend Act To Allow Central Bank Lend To Gov’t – Economist
