Friday, September 29, 2023
  • Login
The Southern African Times
  • Home
  • Southern Africa
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Technology
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • SAT Jobs
    • Events
  • Shop
  • About Us
    • Advertise with Us
    • Contact Us
No Result
View All Result
  • Home
  • Southern Africa
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Technology
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • SAT Jobs
    • Events
  • Shop
  • About Us
    • Advertise with Us
    • Contact Us
No Result
View All Result
The Southern African Times
No Result
View All Result
Home West Africa Ghana

Ghana: Agriculture Development Bank (ADB) post 400% profit growth amidst pandemic

by SAT Reporter
August 22, 2021
in Ghana, West Africa
0
Ghana: Agriculture Development Bank (ADB) post 400% profit growth amidst pandemic
0
VIEWS

LONDON, (The Southern African Times) – Amidst the global pandemic and lockdowns, the Agriculture Development Bank (GSE:ADB) was more profitable in its operations; posting a profit after tax of GH¢65.4 million compared to GH¢14.9 million in 2019.

This represents over 400%, year on year, growth in performance in 2020, occasioning a return on equity and return on assets of 7.69% and 1.14% as against 1.87% and 0.32% respectively, in 2019.

According to the bank’s report to shareholders at the 34th Annual General Meeting, the size of its balance sheet experienced a significant growth over the year from GH¢4.6 billion in 2019 to GH¢5.7billion in 2020 (24%). “This was bolstered in part by our improved holdings in investment securities in line with our strategic objectives,” the Bank said.

During the reporting period, the bank saw an expansion of 30% in net loan assets from GH¢1.5 billion in 2019 to GH¢1.9 billion in 2019. The Non-Performing Loan portfolio of the bank witnessed significant reduction from 41% in 2019 to 34% in 2020.

Nonetheless, the bank is targeting to bring the NPL ratio within industry brackets by 2023. Deposits grew by 26% from GH¢3.4 billion in 2019 to GH¢4.2 billion in 2020.

In line with its strategic objective to increase the agricultural loan portfolio to 50% of the bank’s total loan portfolio, the bank in 2020 deepened its financial intermediation to players in the agricultural value chain.

The bank last year collaborated with the Ministry of Food and Agriculture (MoFA) and the Ghana Incentive-Based Risk-Sharing System for Agricultural Lending Project (GIRSAL) to finance rice and soya millers to buy stock off farmers and process for sale in the local market.

The bank approved an amount of GH¢70 million as working capital to the National Food Buffer Stock Company Ltd (NAFCO) to buy off excess produce for storage as buffer stock, under the Planting for Food and Jobs.

Furthermore, the bank remained an active partner for the implementation of the novel One District One Factory Programme (1D1F). It approved total loans of about GH¢104 million in favour of some 17 viable projects to undertake among others broiler production and processing, fruit processing, general manufacturing, construction, jute bags production as well as fish farming and processing.

The bank also launched the broiler revitalization programme dubbed ADB Broiler Value Chain Programme. The initiative aimed to invest a total of GH¢500million of soft loans in businesses in the broiler value chain.

Previous Post

Al Gore’s Investment Firm Made Big Bets in Alibaba and Intel Stock

Next Post

Nigeria’s External Reserves Hit $37bn with $3.5bn New Special Drawing Rights from IMF

SAT Reporter

Related Posts

Vertiv Reinforces Nigerian Footprint with New Office and Customer Showroom in Lagos
Nigeria

Vertiv Reinforces Nigerian Footprint with New Office and Customer Showroom in Lagos

by SAT Reporter
September 12, 2023
The Southern African Times Joins as Media Partner for AFNIS-2023 Summit
Climate Change

The Southern African Times Joins as Media Partner for AFNIS-2023 Summit

by SAT Reporter
August 31, 2023
French Ambassador Remains in Niger Amidst Coup Fallout, Defying Ultimatum
Niger

French Ambassador Remains in Niger Amidst Coup Fallout, Defying Ultimatum

by SAT Reporter
August 29, 2023
Wärtsilä Inks Long-Term Service Deal with ContourGlobal to Bolster Power Plant Reliability in Senegal
Economy

Wärtsilä Inks Long-Term Service Deal with ContourGlobal to Bolster Power Plant Reliability in Senegal

by SAT Reporter
August 28, 2023
ECOWAS Envoy Confident About Diplomatic Resolution to Niger’s Crisis
Niger

ECOWAS Envoy Confident About Diplomatic Resolution to Niger’s Crisis

by SAT Reporter
August 22, 2023
Next Post
Nigeria’s External Reserves Hit $37bn with $3.5bn New Special Drawing Rights from IMF

Nigeria’s External Reserves Hit $37bn with $3.5bn New Special Drawing Rights from IMF

Browse by Category

  • African Continental Free Trade Area
  • African Debt
  • African Start ups
  • Algeria
  • All News
  • Analysis
  • Angola
  • Asia
  • Botswana
  • BOTSWANA
  • BRICS
  • Burkina Faso
  • Burundi
  • Business
  • Business
  • Cameroon
  • Central Africa
  • China
  • Climate Change
  • Climate Changev
  • Congo Republic
  • COVID 19
  • CRYPTOCURRENCY
  • Culture
  • Democratic Republic of Congo
  • Eastern Africa
  • Economy
  • Education
  • Egypt
  • Energy
  • Entertainment
  • Environment
  • Ethiopia
  • Europe
  • Fashion
  • Feature
  • Finance
  • Food
  • Food and Drink
  • Foods
  • GABON
  • Ghana
  • Global
  • Guinea
  • Health
  • Immigration
  • in Southern Africa
  • International news
  • Just In
  • Kenya
  • Lesotho
  • Libya
  • Life Style
  • Lifestyle
  • Malawi
  • Malawi
  • Mali
  • Markets
  • Middle East
  • Mozambique
  • Namibia
  • Niger
  • niger
  • Nigeria
  • North Africa
  • North-Eastern Africa
  • Opinion
  • Politics
  • Property
  • Racism
  • Rwanda
  • SAT Jobs
  • Senegal
  • Seychelles
  • South Africa
  • South Sudan
  • Sports
  • Startup Africa
  • STOCK EXCHANGE
  • Sudan
  • Sustainablity
  • Tanzania
  • Technology
  • Telecommunications
  • The Power Of She
  • Togo
  • Travel
  • Travel
  • Tunisia
  • Uganda
  • Uncategorized
  • West Africa
  • World
  • World
  • ZAMBIA
  • Zambia
  • ZIMBABWE
  • Zimbabwe

Browse by Tags

africa African business news Africa News african footballer African investments african markets African news African start-up Agriculture banking Business China Classic Climate change Content currency economy Explore Bali Finance football Investment Kenya Life Style Markets Market Stories Nigeria oil and gas Opinion Pandemic Politics Premium Russia South Africa Southern African News sports Stay Home technology Travel United Kingdom United Stated Vaccine Work From Home Wuhan Zambia Zimbabwe

WHO WE ARE

The Southern African Times is a regional bloc digital newspaper that covers Southern African and world news. The paper also gives a nuanced analysis on news and covers a wide range of reporting which include sports, entertainment, foreign affairs, arts and culture.
  • Home
  • Southern Africa
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Technology
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • SAT Jobs
    • Events
  • Shop
  • About Us
    • Advertise with Us
    • Contact Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist