ADB grows assets to Ghs 6.1 billion; posts profit of Ghs 90 million in Q3 2021
Assets value of Agricultural Development Bank (ADB) from end-September 2020 to end-September 2021, increased by a little over Ghs 1 billion.
The value of ADB’s total assets at end-Q3 2021 stood at Ghs 6.17 billion from the end-Q3 2020 total assets value of Ghs 5.12 billion.
Increased holdings of government securities [investment securities] and loans and advances to customers accounted for the Ghs 1 billion increase in the bank’s assets value.
Per the bank’s Q3 2021 Financial Statement, investment securities holdings increased to Ghs 2.5 billion Q3 2021 from Ghs 1.8 billion in Q3 2020. Loans and advances also increased from Ghs 1.8 billion in Q3 2020 to Ghs 2.1 billion in Q3 2021.
ADB’s total liabilities for the review period also witnessed a corresponding increase of some Ghs 1 billion from Ghs 4.2 billion to Ghs 5.2 billion in Q3 2020 and Q3 2021 respectively.
The driving factor of the bank’s liabilities was deposits from customers which amounted to Ghs 4.6 billion in Q3 2021 from the recorded Ghs 3.7 billion in Q3 2021.
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A further examination of ADB’s Q3 2021 Financial Statement reveals that end of third-quarter profits amounted to Ghs 90 million, an increase of some Ghs 30 million on a year-on-year basis when compared to the Ghs 60 million profit posted for the same period last year.
Accounting for the Ghs 30 million increase in profit was the bank’s net interest income which grew from Ghs 294 million in the quarter of 2020 to Ghs 361 million in the third quarter of 2021.
The posted profit translates into earnings per share of 34 pesewas for shareholders but subject to a final dividend approval by the bank’s Board of Directors.
Despite the recorded growth in the bank’s total assets value and profit, of major concern is the bank’s non-performing loans which currentlyy stands high at 30.35 percent of total loans, which is an improvement on the bank’s loan asset quality as it reduced its NPLs from 33.84 percent in Q3 2020.
Peruse below details of the bank’s financial statement:
